Which of the Following Is a Plausible Reason That Restaurants

question 37

Multiple Choice

Which of the following is a plausible reason that restaurants offer "Senior Citizen Discounts"?

• A)Senior citizens tend to have relatively more elastic demands for restaurant meals than other consumer groups.
• B)Senior citizens tend to have relatively more inelastic demands for restaurant meals. than other consumer groups.
• C)Senior citizens are not very sensitive to changes in prices.
• D)Senior citizens are easily fooled by "come-ons" and are therefore frequently victims of price discrimination.

Identify factors that may impact performance on intelligence tests, including stereotype threat.

Understand the definition and application of promissory estoppel.

Comprehend the concept of consideration and its requirements for a valid contract.

Recognize the features of an illusory promise and its implications on contract enforcement.

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Definitions:

Antitrust Laws

Legislation (including the Sherman Act and Clayton Act) that prohibits anticompetitive business activities such as price fixing, bid rigging, monopolization, and tying contracts.

Anticompetitive Mergers

Mergers between companies that significantly reduce competition in the market, potentially leading to higher prices and reduced consumer welfare.

Clayton Act

The federal antitrust law of 1914 that strengthened the Sherman Act by making it illegal for firms to engage in certain specified practices including tying contracts, interlocking directorates, and certain forms of price discrimination.

Monopoly Structure

A market structure characterized by a single seller producing a unique product with no close substitutes, leading to significant control over the market and pricing.