Which of the following sets of outcomes is mutually exclusive?
A) win, lose, tie
B) employed full-time, employed part-time, unemployed
C) married, single, widowed
D) All of the above.
D
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Kevin owns a personal training gymnasium in Orlando. The above figure shows the demand and cost curves for his firm, which competes in a monopolistically competitive market. What price will Kevin charge per session?
A) $100 B) $60 C) $40 D) $20 E) $80
A nation’s standard of living depends on its population and labor productivity.
Answer the following statement true (T) or false (F)
If this year the price level is 135 and last year it was 125, the inflation rate is
A) 8 percent. B) 10 percent. C) 12 percent. D) none of the above.
According to the text, "economics tempers the enthusiasm of a manager to focus on the customer" because
A) customers hardly know what they want. B) focusing solely on the customer may ignore other important elements of business success. C) it shows the manager that the greatest benefit to the firm is to sell more. D) it enables the manager to see that any kind of customer focus is not worth the costs. E) it ensures that managers will find equilibrium.