The ________ surplus will rise if the price of the good ________.
A. producer; falls
B. consumer; rises
C. total; rises
D. consumer; falls
Answer: D
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Suppose the price of a scooter is $200 and Cora Lee is willing to pay $250. Cora Lee's
A) consumer surplus from that scooter is $200. B) consumer surplus from that scooter is $50. C) marginal benefit from that scooter is $100. D) consumer surplus from that scooter is $150. E) consumer surplus from that scooter is $250.
Which term refers to a situation in which a retailer agrees to sell only products from one manufacturer?
a. Exclusive dealing b. Natural monopoly c. Bundling d. Tying sales
Riva crafts and sells hard cider as a part-time job. She can bottle and sell four cases in a week. She is considering hiring her friend Atul to help her. Atul can bottle and sell three cases per week. What is the maximum total output possible if Riva hires Atul?
a. 3 cases b. 4 cases c. 7 cases d. 11 cases
Product Director: We need to pick the best manager for the Prensabi software project. The project involves the latest technology and is very complicated. For example, this project uses a technology called Stage, which is a motion-capture technique that does not require actors to wear specialized gear to record their movements. Since this is a technical project that requires strong technical skills, we should pick the manager with the strongest technical skills. Executive: The manager needs some familiarity with the technology, but he or she won't actually be writing the software code. The bigger challenge here is to analyze the goals of the project and make sure that it is being developed according to a strong overall vision.
a. That's why we should insist that the manager has outstanding conceptual skills. Which of the following, if true, weakens the product director's argument? b. The project manager with the weakest technical skills also has the weakest human skills c. The Prensabi project is so large that the project manager for the Prensab project will be unable to take on any other projects until the Prensabi project is inished. d. The requirements of the Prensabi project are highly unusual. e. The project manager with the strongest technical skills has no experience with The project manager with the strongest conceptual skills has the weakest technical skills.