First-degree price discrimination:

Multiple Choice

A. occurs when a firm charges each consumer the maximum price he(she) would be willing to pay for each unit of the good purchased.

B. results in the firm extracting all surplus from consumers.

C. occurs when a firm charges each consumer the maximum price he(she) would be willing to pay for each unit of the good purchased and results in the firm extracting all surplus from consumers.

D. occurs when a firm charges all customers the same price.