Many firms use technology to gather information on the preferences of consumers and their responses to changes in prices. This information is then used to adjust prices of the firms' goods and services. This practice is called
A) price discovery. B) yield management.
C) empirical research. D) econometrics.
B
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A major disruption in financial markets characterized by sharp declines in asset prices and firm failures is called a
A) financial crisis. B) fiscal imbalance. C) free-rider problem. D) "lemons" problem.
The conditions for unaligned retailer and manufacturer incentives include
a. customers are familiar with the product before they shop for it b. retailers have no opportunity to educate consumers c. manufacturers have little scope for educating consumers d. demand for the product is decreased with some consumer education
Suppose that Deon places a $150 value on a new MP-3 player, and Juanita places a $140 value on it. The cost of the MP-3 player is $130 . Suppose the government levies a $15 tax on MP-3 players, which raises the price to $145 . What is the deadweight loss created by the tax?
A profit-maximizing firm will only produce a positive amount of output if:
A. its total revenue is greater than its total cost. B. its total revenue equals its total cost. C. its total revenue is greater than or equal to its variable cost. D. its total revenue is greater than its fixed cost.