The only rental house available at your favorite lake on July 4th is out of your price range. This is an example of:
A. a resource constraint.
B. why you should have a yard sale.
C. an infringement upon your freedoms enjoyed as a patriotic American.
D. why everyone isn't already doing it.
Answer: A
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For a monopoly firm,
a. price always equals marginal revenue. b. price always exceeds average revenue. c. any price-quantity combination will maximize profits. d. None of the above is correct.
An open economy's GDP is always given by
a. Y = C + I + G. b. Y = C + I + G + T. c. Y = C + I + G + S. d. Y = C + I + G + NX.
Because demand for air travel from people who are traveling on vacation is more ________, the airlines offer leisure travelers lower prices than business travelers.
A. large B. elastic C. inelastic D. small
Fama and Jensen suggest that "the form of organization that survives in an activity is the one that delivers the product demanded by customers at the lowest price while covering costs." This is an example of
A. defective organizational architecture. B. market and organizational efficiency. C. economic benchmarking. D. market and organizational equity.