1. A price-discriminating firm will charge a higher price to consumers with a relatively                     (elastic/ inelastic) demand and a lower price to consumers with a relatively...

1. A price-discriminating firm will charge a higher price to consumers with a relatively
(elastic/ inelastic) demand and a lower price to consumers with a relatively
(elastic/inelastic) demand.

2. The aspirin sold in airports is more expensive than aspirin sold in grocery stores because the demand for aspirin in airports is relatively
.

3. A reliable predictor of a consumer’s willingness to pay for a movie is the consumption of . (Related to Application 4 on page 579.)

4. Senior citizens pay less than everyone else for admission to a movie, but the same as everyone else for beverages because beverages are
, while admission is not.

5. The price of a hardback edition of a best-selling book is typically three times the price of the paperback edition because the demand from the eager consumers who buy hardbacks is relatively

  (elastic, inelastic).