If Bella's Pizza, a local pizzeria, purchases canned tomatoes from a grocery store to make their pizza sauce, this is an example of ________.
A) forward integration
B) backward integration
C) outsourcing
D) using a spot market
D) using a spot market
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A Nash equilibrium occurs
A) when each player acts without considering the actions of the other player. B) when each player takes the best possible action given the action of the other player. C) only when players use the tit-for-tat strategy. D) only when the game is played in Nashville, Tennessee. E) when each player takes the action that makes the combined payoff for all players as large as possible.
A successful local entrepreneur opens up the only Chevrolet dealership in a medium sized Texas town. Why does this not necessarily constitute a monopoly position?
What will be an ideal response?
A basic tenet of the theory of the firm is that the firm's primary objective is to
A) stay out of debt. B) produce a given level of output at a specified cost. C) maximize economic profits. D) operate for the benefit of society.
Which of the following expenditures would not be included in GDP?
a. All of these choices would be counted in GDP. b. Purchase of a new lawnmower. c. Purchase of a silver cup previously sold new in 1950. d. Purchase of a ticket to the latest movie.