One strategy for long-term profit maximization is
A. being the lowest-price competitor.
B. utilization of private business incubators.
C. innovation.
D. offering consistently higher prices.
Answer: C
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When a price support is set above the equilibrium price, producers ________ the quantity supplied and consumers ________ the quantity demanded
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) do not change; do not change
Is it possible for an input to have a negative marginal product?
What will be an ideal response?
Which of the following would not be considered a real variable in determining a real business cycle?
a. A change in technology b. A labor strike c. An increase in the money supply d. A change in tastes e. A substantial weather event
Perfect competition leads to ______ than does a monopoly.
a. lower output b. higher prices c. lower prices d. slower output