The additional cost incurred by using an additional unit of the managerial control variable is defined as the:
A. total cost.
B. net benefit.
C. net cost.
D. marginal cost.
Answer: D
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A) turnover B) mismatch C) cyclically D) seasonally
If Iceland can produce fish with fewer resources than Greenland, we have evidence of
a. specialization b. geographic advantage c. comparative advantage d. absolute advantage e. free trade
Which of the following is most vital if the firms in an industry are going to earn economic profit in the long run?
a. an inelastic demand for the product produced by the firms b. an elastic demand for the product produced by the firms c. managerial efficiency d. high barriers to entry into the industry
What is the most likely result when the price of a good with elastic demand is raised by 10 percent?
(A) The quantity sold will decrease by 15 percent. (B) The quantity sold will increase by 10 percent. (C) The quantity sold will decrease by 10 percent. (D) The quantity sold will decrease by 5 percent.