Walmart, like many companies in the new economy, uses a hub-and-spoke distribution system to
A. decrease consumer demand.
B. increase costs of stocking and inventory.
C. change consumer attitudes toward warehouse shopping.
D. decrease costs of stocking and inventory.
Answer: D
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If a firm in a perfectly competitive market raises its price
A) it will sell more products. B) it will sell fewer products. C) its sales will remain unchanged. D) it will sell nothing.
Suppose a hurricane hits Alabama, causing widespread damage to houses and businesses. The governor of Alabama places price ceilings on all building materials to keep the prices reasonable. Which of the following is the most likely result?
A. A faster recovery from the storm. B. The supply of building materials to Alabama will increase. C. More people will be able to purchase building materials. D. Shortages of building materials and a slower recovery from the storm.
In comparing the changes in TC and TVC associated with an additional unit of output, we find that:
A. the change in TVC is equal to MC, while the change in TC is equal to TFC. B. the change in TC exceeds the change in TVC. C. the change in TVC exceeds the change in TC. D. both TC and TVC are equal to MC.
Trade is only beneficial if a nation has an absolute advantage in producing all products.
Answer the following statement true (T) or false (F)