Which of the following is TRUE about firms organized along functional lines?
a. Workers find it difficult to develop functional expertise
b. Workers can easily share information within their division
c. They inhibit the exploitation of economies of scale
d. All of the above
b
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Refer to Table 14-9. In order to maximize profit, the firm will produce a level of output where marginal cost is equal to
a. $6. b. $7. c. $8. d. $9.
The theory of PPP suggests that if one country's price level rises relative to another's, its currency should
A) depreciate in the long run. B) appreciate in the long run. C) depreciate in the short run. D) appreciate in the short run.
A typical behavior that violates the assumption of rational behavior is:
A. saying you want to lose weight, but ordering dessert. B. being willing to pay more for something if you use a credit card than if you use cash. C. stubbornly watching to the end of a movie you've decided you're not enjoying at all. D. All of these demonstrate irrational behavior.
The minimum price for a good set by the government above the equilibrium price is called a:
a. price ceiling. b. price floor. c. parity price ratio. d. market-generated price. e. deficiency price.