Like the Romans, and Despite the Fact That They Lacked

question 57

Multiple Choice

Like the Romans, and despite the fact that they lacked wheeled transport, the Incas were well aware of how crucial paved and well-supplied roads were for ___________.

• A) Easing interstate commerce
• B) Impressing foreign visitors
• C) Transporting soldiers
• D) Aiding hotel keepers and restauranteurs

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Definitions:

Price Discrimination

The approach of marketing identical products to various customers at various prices, determined by their readiness to pay.

Network Externalities

The effect that an additional user of a good or service has on the value of that product to others.

Value Of The Good

The importance, worth, or usefulness of a good to consumers, often reflected in the price they are willing to pay.

Consumer Surplus

The contrast in the overall payment consumers have the willingness and fiscal capability to make for a good or service, compared to the payment they actually make.