Price discrimination is when a firm charges?
different prices for the same goods to different customers.
in general, price discrimination is based on differences in _____ among different groups of customers and the differences in ________ that will result
price elasticity of demand; profits
in order to engage in price discrimination, a firm must be:
a price setter; able to prevent resale by customers charged a lower price; able to segment the market.
if the ________ differ between two countries, this suggest the possibility for mutually advantageous trade.
countries that engage in trade will tend to specialize in goods in which they have a ______ and will ____ those goods.
comparative advantage; export
The expression "gains from trade" refers to?
the net benefit a country receives from trade.
a tax imposed by a government on imported goods or services is a?
a tariff is most likely to _____ prices and ______ consumption of the goods or services being protected.
if a country removes a tariff on imported shoes, we expect the domestic price of shoes to ________ and the quantity of shoes of shoes consumed in the domestic market to _____.
which of the following statements about economists' assessments of protectionism is true?
the total cost of trade barriers exceed their benefits and generally result in inefficiency.