Perfect price discrimination generates a deadweight loss

Price discrimination can raise economic welfare

Price discrimination requires that the seller be able to separate buyers according to their willingness to pay

Price discrimination increases a monopolist’s profits

there is some barrier to entry to that market

potential competitors sometimes don’t notice the profits

the monopolist is financially powerful

antitrust laws eliminate competitors for a specified number of years

increase output

decrease output

keep output the same because profits are maximized when marginal revenue exceeds marginal cost.

raise the price

The term ’factors of production’ is another term for resources

The factor of production termed labour means human resource

The factor or production termed land means natural resources

The factor of production termed capital means the money which the owners of firms need in order to set their firms up

How are resources used?

Where are resources used?

For what are resources used?

For whom are resources used?