1a. If P<AC in a given industry, then: A. There are too many resources in that i

Question

1a. If P<AC in a given industry, then: A. There are too many resources in that industry B. There are not enough resources in that industry C. Impossible to determine with the information given D. The industry has the Altimas amount of resources
1b. What about if P>AC (use the same answer choices as above)
2. Price discrimination is good if output: A. Stays the same under price discrimination B. Is no longer produced under price discrimination C. Increases under price discrimination D. Decreases under price discrimination
3. Which of the following is an example of tying? A. Set menus at a restaurant B. Buy one get one free offers C. "Value meals" at fast food restaurants D. Restrictions that prohibit patrons from bringing their own wine to restaurants

1a. If P<AC in a given industry, then: A. There are too many resources in that industry B. There are not enough resources in that industry C. Impossible to determine with the information given D. The industry has the Altimas amount of resources
1b. What about if P>AC (use the same answer choices as above)
2. Price discrimination is good if output: A. Stays the same under price discrimination B. Is no longer produced under price discrimination C. Increases under price discrimination D. Decreases under price discrimination
3. Which of the following is an example of tying? A. Set menus at a restaurant B. Buy one get one free offers C. "Value meals" at fast food restaurants D. Restrictions that prohibit patrons from bringing their own wine to restaurants

A. There are too many resources in that industry B. There are not enough resources in that industry C. Impossible to determine with the information given D. The industry has the Altimas amount of resources
1b. What about if P>AC (use the same answer choices as above)
2. Price discrimination is good if output: A. Stays the same under price discrimination B. Is no longer produced under price discrimination C. Increases under price discrimination D. Decreases under price discrimination
3. Which of the following is an example of tying? A. Set menus at a restaurant B. Buy one get one free offers C. "Value meals" at fast food restaurants D. Restrictions that prohibit patrons from bringing their own wine to restaurants

Explanation / Answer

Question 3) "Restrictions that prohibit patrons from bringing their own wine to restaurants" is an example of tying. (Optin D)

Conclusion:- Restrictions that prohibit patrons from bringing their own wine to restaurants (Option D)

Question 2) Price discrimination is good if output increases under price discrimination. (Option C )

Question 1a) If P < AC in a given industry, There are not enough resources in that industry (Option B)

Question 1b) If P > AC in a given industry, There are enough resources in that industry (Option A)

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