For Many Products, Such as Fast Foods, a Variety of Prices

question 218

Multiple Choice

For many products, such as fast foods, a variety of prices can be found, but sellers with higher prices can expect to sell their products because

• A)consumers are not sensitive to prices.
• B)arbitrage will quickly eliminate price differences.
• C)firms differentiate products in many ways, for example, higher-priced fast food restaurants may offer better service.
• D)their demand is perfectly inelastic.

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