To develop a competitive advantage and increase their firm's profitability, managers need to understand what affects their revenues, costs, and their ability to set prices
Indicate whether the statement is true or false
TRUE
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Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are measured in dollars. For any given volume, D, your neighbor's benefit is B = 0.63D - 0.002D2 and your cost is C = 0.06D + 0.001D2. What is the efficient Pigouvian tax?
A. $0.75 per decibel B. $0.29 per decibel C. $0.24 per decibel D. $0.25 per decibel
Which of these nations has the highest rate of union membership (as a share of total employment)?
A) India B) the United States C) Japan D) Sweden
The availability year-round in U.S. supermarkets of produce from Central America reflects which of the following economic concepts?
a. scarcity b. productivity c. specialization d. competition
Refer to the information provided in Figure 15.5 below to answer the question(s) that follow. 
Figure 15.5 Refer to Figure 15.5. Assume The Custom Sweater Shop has fixed costs of $500 and is a monopolistically competitive firm. If the firm is attempting to maximize profits in the short run, the ________ quantity is 100 personalized sweaters.
A. break-even B. shut down C. loss-minimizing D. profit-minimizing