The introduction of credit cards and debit cards has ________ velocity.
A. decreased
B. increased
C. eliminated
D. had no impact on
Answer: B
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A firm is using 500 units of labor and 100 units of capital to produce 100 units of output. The price of labor is $5 per unit and the price of capital is $20 per unit. At these input levels, another unit of labor adds 50 units of output, while another unit of capital adds 400 units of output. The firm could increase output by
A. 10 units by spending $1 more on labor and $1 less on capital. B. 350 units by spending $1 more on labor and $1 less on capital. C. 350 units by spending $1 more on capital and $1 less on labor. D. 10 units by spending $1 more on capital and $1 less on labor. E. none of the above
When considering the running of a corporation, there is a principal-agent problem between shareholders and the CEO because
A. shareholders cannot observe all of the CEO's decisions. B. shareholders require the firm to pay a dividend. C. shareholders sign confidentiality agreements. D. the CEO is paid in part with stock options. E. shareholders want the firm to maximize the firm's share price while the CEO wants to maximize profits.
If marginal cost exceeds marginal revenue, a profit-maximizing monopolist will:
A. restrict output to increase the price even higher. B. raise price and expand output to increase profit. C. lower price and expand output to increase profit. D. attempt to maintain this position because it is consistent with profit maximization.
In a grim-trigger strategy, a firm responds to underpricing by choosing a price so low that each firm makes zero economic profit.
Answer the following statement true (T) or false (F)