First-degree price discrimination occurs when a monopolist: MCQ with Answer and Explanation

Question
First-degree price discrimination occurs when a monopolist:
A. sells in bulk at a lower price
B. charges each consumer the maximum price they are willing to pay
C. charges a single uniform price
D. charges different prices in different markets
Answer: Option B
Solution (By JKSSB Mock Tests)
First-degree price discrimination, also called perfect price discrimination, charges each consumer their maximum willingness to pay.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The term 'Primary Market' in the capital market is the market for:
A. Only agricultural commodities
B. Only short-term money market instruments
C. Trading of existing securities
D. Issue of new securities by companies and governments
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Correct Answer: Option D

Explanation:
The primary market is where new securities are issued and sold for the first time to raise fresh capital. The secondary market deals with subsequent trading of existing securities.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Dutch disease' term was coined after the discovery of natural gas in:
A. Norway
B. Netherlands
C. United Kingdom
D. Australia
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Correct Answer: Option B

Explanation:
Dutch disease was named after the effects of natural gas discoveries in the Netherlands.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' on tea leaves is:
A. 0%
B. 12%
C. 5%
D. 18%
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Correct Answer: Option C

Explanation:
Tea leaves attract 5% GST.
This question belongs to: Economy GK Economy Set 1
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