Which of the following statements is false?
A) Price determination is the key element in any market system.
B) Input prices influence a firm's costs of production.
C) Output prices influence a firm's revenues.
D) While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control.
D
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In the above figure, if D2 is the demand curve, then a price of P3 would result in
A) a shortage of Q3 - Q1. B) a shortage of Q4 - Q3. C) a surplus of Q3 - Q1. D) a surplus of Q4 - Q0.
Dell uses outsourcing, that is, Dell buys the components of the computers it produces from other firms. This is an example of
A) firm coordination. B) a partnership. C) a command system. D) market coordination.
How does the idea of efficient markets influence the long-run market adjustment mechanism?
What will be an ideal response?
The average total cost curve of a firm is U shaped.
Answer the following statement true (T) or false (F)