Diocletian Was the First Leader of the Western World to

question 52

Multiple Choice

Diocletian was the first leader of the western world to

• A)move his capital city to the East.
• B)make Christianity the religion of the state.
• C)make use of tax collectors.
• D)place price ceilings on consumer goods.
• E)collect taxes from the peasants.

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Definitions:

Luxury Good

A good for which demand increases more than proportionally as income rises, and is often considered non-essential but desirable.

First-Degree Price Discrimination

A pricing strategy where a seller charges each customer the maximum price they are willing to pay, capturing all consumer surplus.

Inverse Demand Function

A mathematical representation that describes how demand for a product varies inversely with changes in its price.

Consumer's Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.