In a market where a monopolist can charge different prices to different groups, which of the following groups will likely be charged the lowest price? O a. the group for which the good is a necessity O b. the group for which the good makes up a large portion of income (big-ticket item) O c. the group for which the good has no good substitutes O d. the group for which the good makes up a small portion of income (small-ticket item) O e. The groups described in (a), (c), and (d) will all get charged a lower price than the group described in (b).
In a market where a monopolist can charge different prices to different groups, which of the following groups will likely be charged the lowest price? O a. the group for which the good is a necessity O b. the group for which the good makes up a large portion of income (big-ticket item) O c. the group for which the good has no good substitutes O d. the group for which the good makes up a small portion of income (small-ticket item) O e. The groups described in (a), (c), and (d) will all get charged a lower price than the group described in (b).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In a market where a monopolist can charge different prices to different groups, which of the following groups will likely be charged the lowest
O a. the group for which the good is a necessity
O b. the group for which the good makes up a large portion of income (big-ticket item)
O c. the group for which the good has no good substitutes
O d. the group for which the good makes up a small portion of income (small-ticket item)
O e. The groups described in (a), (c), and (d) will all get charged a lower price than the group described in (b).
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