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Question 1.

When firms adopt successful dynamic pricing strategies, typically

• all consumers gain by paying lower prices.

• all consumers lose by paying higher prices.

• some consumers gain and some lose, but as a group, consumers gain.

• some consumers gain and some lose, but as a group, consumers lose.

Question 2.

If a firm knew every consumer's willingness to pay and could prevent arbitrage, it could charge every consumer a different price. This practice is known as

• first-degree exploitation, or perfect price discrimination.

• maximization of producer surplus, or perfect price discrimination.

• first-degree price discrimination, or perfect price discrimination.

• first-degree transfer of consumer surplus, or perfect price discrimination.
Source  Download
Microeconomics
Edition: 7th
Authors:
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Answer 1

some consumers gain and some lose, but as a group, consumers lose.

Answer 2

first-degree price discrimination, or perfect price discrimination.
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