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The Athenian Theatre sells tickets for the same play at different prices: a lower price to those who ...

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The Athenian Theatre sells tickets for the same play at different prices: a lower price to those who ...

The Athenian Theatre sells tickets for the same play at different prices: a lower price to those who opt for the seats at the back of the theatre and a higher price for those who purchase seats in the front, around the stage. Which of the following statements is true?

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The theatre practices first-degree price discrimination by setting prices based on willingness to pay.

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Charging two different prices is an effective way to avoid an excess demand for play tickets; the higher price lowers quantity demanded to some extent.

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This is an example of product differentiation but not price discrimination.

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Since the cost of producing the play does not change with the seating configuration, this is evidence of price discrimination based on market segmentation.

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InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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