Sellers will tend to be most concerned with customer satisfaction when
a. it is difficult for the customer to evaluate product quality.
b. they depend on repeat customers for most of their business.
c. they sell primarily to tourists.
d. they are a monopoly protected from competition by government licensing.
B
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A firm estimates its long-run production function to beQ = -0.0075K3L3 + 12K2L2Suppose the firm employs 12 units of capital. The product curve(s) in the short-run are
A. MP = -38.88 L2 + 3,456L. B. AP = -12.96 L3 + 1,728L2. C. TP = -12.96 L3 + 1,728L2. D. both a and b E. both a and c
When product prices increase slower than nominal wages increase, the real value of wages decreases
Indicate whether the statement is true or false
Which of the following is a macroeconomics question?
A. Why does a firm decide to enter a particular market? B. Should we have a constitutional amendment to balance the federal budget? C. Should the government prevent the merger of two large firms? D. Should the government put a tax on alcohol in an attempt to reduce highway fatalities?
A tariff
A) makes domestic consumers better off. B) makes both domestic producers and consumers better off. C) makes everyone worse off. D) makes domestic producers better off.