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Managerial Economics:
a. Illustrate and explain price skimming as a form of price discrimination. How is the consumer affected by price skimming?
b. Suppose that an industry-wide decrease in fixed costs occurs. Compare and contrast the short-run effect on price for a firm that operates in a non- strategic competitive environment (e.g. perfect competition, monopoly, or monopolistic competition) versus a firm that is engaged in Bertrand competition. No diagram necessary. Make an intuitive argument.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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