A friend offers you an opportunity to buy a raffle ticket for $50. There were 1,000 tickets sold and the lucky winner will receive $20,000. Your friend promises you that if you don’t win, he’ll give you a $20 refund.

8. Question 8 What is true about third degree price discrimination? 1 / 1 point   Firms observe consumer characteristics that allow them to infer the willingness to pay and the price accordingly….

22. Question 22 If a newer model is compatible with an older model but not vice versa, the two products are… 1 / 1 point   Fully compatible   Backward compatible   Marginally…