For which of the following would the supply likely be most inelastic?
A) aircraft carrier
B) canned soup
C) toy airplane
D) t-shirt
E) bottled water
A
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An example of a government policy to increase human capital formation is:
A. the provision of publicly-funded education. B. the construction of an interstate highway system. C. government support for basic research. D. maintaining a well-functioning legal system.
Which of the following is likely to cause the demand curve for cars to shift to the left?
A) A rise in the price of gasoline B) A rise in the price of cars C) An increase in the economy's national income D) An increase in the cost of production leading to an increase in the price of cars
Revenue maximization occurs when a firm sells at a price
A) that is equal to its minimum average variable cost. B) where its marginal revenue is equal to its marginal cost. C) where its marginal revenue is zero. D) None of the above
All of the following can cause conflict between divisions EXCEPT
a. Coordination between divisions does not benefit all divisions equally b. managers of profit centers care too little about the effects of their decisions on other divisions c. corporate executives reward managers based on firm profitability instead of divisional profitability d. corporate executives cannot tell when one divisional manager's decisions are appropriate or not