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答案和详解如下：

Q1. The practice of charging different consumers different prices for the same product or service is called:

A)   price searching.

B)   price discrimination.

C)   variable pricing.

Correct answer is B)         

The practice of charging different consumers different prices for the same product or service is called price discrimination.

Q2. In order for effective price discrimination to occur the seller must:

A)   have more than one identifiable group of customers with the same price elasticities of demand for the product.

B)   face a demand curve with a negative slope.

C)   maximize revenue by selling at the highest price possible.

Correct answer is B)         

In order for effective price discrimination to occur, the seller must have a downward sloping demand curve. The seller must also have at least two identifiable groups of customers with < i>price elasticities of demand for the product, and the seller must be able to prevent customers from reselling the product.

Q3. A practice whereby a seller charges different prices to different consumers of the same product or service is called:

A)   price competition.

B)   discriminatory pricing.

C)   price discrimination.

Correct answer is C)

Price discrimination is the practice of charging different consumers different prices for the same product or service.

Q4. For price discrimination to work, the seller must face a market with all of the following characteristics EXCEPT:

A)     a way of preventing customers from purchasing the product at a lower price and reselling it at a higher price.

B)     a downward sloping demand curve.

C)     high barriers to entry.

Correct answer is C)

Price discrimination is the practice of charging different consumers different prices for the same product or service. For price discrimination to work the seller must: 1) have a downward sloping demand curve, 2) have at least two identifiable groups of customers with different price elasticities of demand, 3) must be able to prevent customers in the lower-price group from reselling the product to customers in the higher-price group.

Q5. Consider the following statements:

Statement 1: “The sum of consumer and producer surpluses is maximized under both monopoly and perfect competition.”

Statement 2: “All else being equal, a monopolist that practices price discrimination will be more allocatively efficient than a single-price monopolist.”

With respect to these statements:

A)   both are correct.

B)   both are incorrect.

C)   only one is correct.

Correct answer is C)

Statement 1 is incorrect because the sum of consumer and producer surpluses is maximized under perfect competition when marginal benefit and marginal cost are equal, or equivalently, where the marginal cost curve intersects the demand curve. Monopolies, however, produce a quantity that is less than the quantity where marginal cost equals marginal benefit, so the sum of producer and consumer surpluses is not maximized.