If a Firm Wants to Charge Different Customers Different Prices

question 159

Multiple Choice

If a firm wants to charge different customers different prices:

• A) the firm must be a price taker.
• B) firm must be in perfect competition.
• C) firm must be a price setter.
• D) A and B must be true.

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Definitions:

Family Member

An individual who is part of a larger group related by blood, marriage, or legal processes such as adoption.

Less Education

A term describing individuals or populations that have attained lower levels of formal schooling or qualifications compared to a benchmark standard.

International Competition

Rivalry between businesses or economies from different countries, competing in a global marketplace.

Regulation

The enforcement of laws by government or regulatory agencies that dictate how business can operate, often to protect consumers and the market.