Which of the following is NOT an example of ways in which microeconomic analysis can help Toyota Motor Corporation in its corporate decision making?
A.Forecasting demand for new automobiles
B. Determining how many automobiles to produce in order to maximize profits
C. Forecasting the effect of an oil price increase on demand for hybrid autos
D. Predicting how competitors will react to the firm's pricing strategy
E. Forecasting the effect of Toyota's hiring patterns on the U.S. unemployment rate
E. Forecasting the effect of Toyota's hiring patterns on the U.S. unemployment rate
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Government support of basic research by funding scientists through the National Science Foundation is an example of a government policy to promote economic growth by:
A. increasing human capital. B. increasing physical capital. C. increasing the availability of natural resources. D. improving technology.
In the long run, a representative firm in a monopolistically competitive industry will end up
A. producing a level of output at which marginal cost and price are equal. B. having an elasticity of demand that will be less than it was in the short run. C. earning a normal profit, but not an economic profit. D. having a larger number of competitors than it will in the short run.
The consumption function relates consumption spending to _____
a. the price level b. interest rates c. disposable income d. expectations about the price level e. household wealth
Which of the following is not true concerning consumer surplus?
a. It is qraphically the area under the demand curve and above the market price. b. It does not exist in equilibrium. c. A leftward shift of the supply curve will decrease consumer surplus. d. A rightward shift of the supply curve will increase consumer surplus.