When outcomes are uncertain, managers need to
A. describe the risks involved.
B. evaluate the risks involved.
C. manage the risks involved.
D. All of the above
D. All of the above
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If a perfectly competitive firm finds that price is less than its ATC, then the firm
A) will raise its price to increase its economic profit. B) will lower its price to increase its economic profit. C) is making an economic profit. D) is incurring an economic loss. E) is making zero economic profit.
Lisa is spending all of her income on compact discs and downloadable games for her smart phone. She finds that the marginal utility from the last compact disc she buys is 30 and the marginal utility from the last downloadable game is 10
The price of a compact disc is $15 and the price of a downloadable game is $5. Lisa should A) increase her consumption of compact discs. B) increase her consumption of downloadable games. C) not change her consumption of downloadable games and compact discs. D) decrease the price of downloadable games.
An increase in total revenue results occurs from which of the following?
a. Price decreases when demand is inelastic. b. Price increases when demand is elastic. c. Price decreases when demand is elastic. d. Price increases when demand is unitary elastic.
If the short-run equilibrium position for a monopolistically competitive firm is P = $28.47, ATC = $22.13, and MC = MR = $17.47, which of the following statements is true?
a. The firm's economic profit is $11. b. Additional firms will be attracted into the industry. c. The firm could raise price and increase profit. d. The firm could lower price and increase profit. e. The firm is producing on the upward-sloping segment of its ATC curve.