Refer to the scenario above. What is likely to be the impact on Firm B's sales if Firm A decides to sponsor the event while Firm B decides not to sponsor the event?
A) A 0% increase in sales
B) A 7% increase in sales
C) A 5% increase in sales
D) A 10% increase in sales
A
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Under the U.S. market system, land and capital goods are owned mainly by
a. the federal government. b. individuals and firms. c. local governments. d. state governments.
For a monopolist, average revenues:
A. are always equal to price. B. equal price only at the profit maximizing quantity. C. are always zero at the profit maximizing quantity. D. are maximized when total revenues are maximized.
The law of increasing opportunity costs states that as
A) less of a good is produced, the higher the opportunity costs of producing that good. B) more of a good is produced, the lower the opportunity costs of producing that good. C) more of a good is produced, the higher the opportunity costs of producing that good. D) more of a good is produced, the opportunity cost of producing the good remains the same. E) a and b
Which of the following statements about a perfectly competitive market is INCORRECT?
A. There are many sellers, each supplying a small quantity. B. There are many buyers, each purchasing a small quantity. C. The market sells homogeneous products. D. Buyers and sellers cannot enter exit the market freely.