To remain competitive today, many companies commit themselves to:
a. continuous improvement processes
b. competitive strategic analysis by outside experts
c. episodes of strategic planning
d. a and c
e. b and c
d
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Implicit costs are usually easier to measure than explicit costs
Indicate whether the statement is true or false
Commodity money
A) has value independent of its use as money. B) has little to no value independent of its use as money. C) can be used to purchase commodities, but not services. D) is backed by a valuable commodity such as gold.
Since firms in both monopolistic competition and perfect competition earn zero economic profit, price must be equal to average cost for both types of firms.
Answer the following statement true (T) or false (F)