A start-up company sets goals and standards for themselves based on the performance of their competitors. This is an example of
a. groupthink
b. mbwa
c. swot
d. benchmarking
Ans: d. benchmarking
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Refer to Table 13-1. What portion of the marginal revenue of the 4th unit is due to the output effect and what portion is due to the price effect?
A) output effect = -$0.50; price effect = $5.00 B) output effect = $24.00; price effect = $19.50 C) output effect = $6.00; price effect = -$1.50 D) output effect = $6.50; price effect = $2.00
A Swiss watch company advertises its history of superior craftsmanship. The company thinks that this would
a. Make the demand for the product less elastic b. Make the customers less sensitive to the price c. Assist them with differentiating their product d. All of the above
Price is the rationing mechanism in a free, competitive market
a. True b. False Indicate whether the statement is true or false
Refer to the graph shown for a small country that is a price taker internationally.
Assume the foreign supply of this product is perfectly elastic at a price of $4 per unit. Starting from a free trade equilibrium, a tariff in the amount of $2 per unit would be expected to cause domestic consumption to:
A. decrease from 7,400 to 6,100. B. decrease from 4,800 to 3,600. C. increase from 2,400 to 7,400. D. increase from 2,400 to 3,600.