How do companies know whether it is worth creating loyalty to keep customers coming back?
a. Don't overestimate your importance in the customer's life.
b. Measure lifetime customer value
c. Recognize the right relationships and adapt
d. Be transparent
b. measure lifetime customer value
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A natural monopoly occurs when
A) one firm owns all the vital resources needed to produce a particular good. B) economies of scale allow one firm to supply the entire market at the lowest possible cost. C) a few firms collude to act as a single firm. D) one firm captures all the consumer surplus.
Factors tend to be specific to certain uses and products
A) in the short run. B) in countries lacking comparative advantage. C) in capital-intensive industries. D) in labor-intensive industries. E) in countries lacking fair labor laws.
Parties who have sold a futures contract and thereby agreed to ________ (deliver) the bonds are said to have taken a ________ position
A) sell; short B) buy; short C) sell; long D) buy; long
What is the principal-agent problem?
A) It is a problem caused by a person (principal) who hires an agent to act on his behalf but is unwilling to delegate authority to the agent to carry out the task in the best possible way. B) It is a problem caused by agents pursuing their own interests rather than the interests of the principals who hired them. C) It is a problem of the power system of boss and subordinate where the boss (principal) exerts influence over his subordinates (agents) using punishment or threat. D) It is a problem that exists when a person (principal) has more information about the task than the agent he hires to perform the task.