Use the Following to Answer Questions

question 16

True/False

Use the following to answer questions :
Figure 8-2
-For the market whose typical firm is characterized in Figure 8-2, the long-run competitive equilibrium price is $1000.

---

Definitions:

Price Discrimination

Practice of charging different prices to different consumers for similar goods.

Electricity Sales

The volume of electrical energy sold, typically measured in kilowatt-hours (kWh), to end users or consumers.

Consumer Surplus

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

Price Discrimination

The strategy of selling the same product at different prices to different groups of consumers, based on their willingness to pay.