In profit centers
a. Managers are easy to evaluate because there is a simple metric of how well they performed
b. Managers typically do not have the information to run their division efficiently
c. Managers' decisions rarely affect other divisions
d. Managers typically do not have the incentives to run their division efficiently
a
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How does a firm in monopolistic competition decide whether to operate at a loss or shut down in the short run?
What will be an ideal response?
An example of a negative externality created in the market system would be
A) poverty. B) unemployment. C) an increased number of bird flu patients. D) water pollution.
Unlike a "service," a "good"
a. is desirable b. uses resources to satisfy wants c. is physical and tangible d. is abundant and free e. is a resource
Which of the following is an example of a temporary price differential in a resource market?
a. land downtown is more expensive than land in the suburbs b. a superstar professional basketball player is paid more than the average professional player c. cable television installers have a higher wage than telephone installers d. an airline pilot is paid more than a flight attendant e. a worker in a toxic waste plant earns more than a teacher