If Two Identifiable Markets Differ with Respect to Their Price

question 16

Multiple Choice

If two identifiable markets differ with respect to their price elasticity of demand and resale is impossible,a firm with market power will

• A) set a higher price in the market that is more price elastic.
• B) set a lower price in the market that is more price elastic.
• C) set price so as to equate the elasticity of demand across markets.
• D) set price equal to marginal cost in both markets.

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Definitions:

Fraction Form

Fraction form is a way to represent numbers by showing how many parts of a whole are there, typically written with one number over another, separated by a line.

Proportion

A relationship between two quantities denoting their ratio.

Securities

Financial instruments that represent an ownership position in a publicly-traded corporation (stock), a creditor relationship with a governmental body or a corporation (bond), or rights to ownership as represented by an option.

Punch Recipe

A set of instructions for making a large, usually sweet and fruity drink intended to serve multiple people.