Over time, the hierarchy of firms has tended to move from
A) upstream to downstream.
B) hierarchical to non-hierarchical.
C) lateral to parallel.
D) big to small to big again.
B
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If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent, then X and Y are
A) complements and the cross elasticity of demand equals 2. B) substitutes and the cross elasticity of demand equals 1/2. C) substitutes and the cross elasticity of demand equals 2. D) complements and the income elasticity of demand equals 2. E) normal goods and the income elasticity of demand of each equals 2.
Avner is maximizing total utility by buying sports magazines and protein supplements. For him to buy more sports magazines
A) the price of sports magazines has to fall. B) the price of sports magazines has to rise. C) the price of protein supplements. has to fall. D) Since Avner is maximizing his utility, nothing can change the consumption of sports magazines.
Refer to the above figure. Point C is known as
A) a peak. B) a trough. C) an expansion. D) a contraction.
Which of the following is not correct for an individual firm?
a. If the average variable cost (AVC) is decreasing, average total cost (ATC) must be decreasing. b. AVC reaches minimum before ATC. c. If ATC is increasing, AVC must be increasing. d. If AVC is increasing, marginal cost (MC) is increasing. e. If average fixed cost (AFC) is decreasing, ATC must be decreasing.