_____ is a property which distinguishes corporations from proprietorships and partnerships
a. Unlimited liability
b. Division of labor
c. Separation of ownership and management
d. Centralized management and control
C
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The table above shows sales of the firms in the pet food industry. The Herfindahl-Hirschman Index in the industry is
A) 1260. B) 1443. C) 1100. D) 1588.
Your company has recently requested that you travel to Dhaka, Bangladesh, to work on negotiations for a new factory to be located in one of the port cities. Your travel agent provides a list of several hundred local hotels and a Sheraton. In this case, the Sheraton brand-name is likely to be used as a signal of
a. perceived differences that are not likely to exist among your various options. b. quality when quality cannot be easily judged. c. inefficiency in markets characterized by recognizable brand names. d. the quality of general lodging accommodations in Dhaka.
Refer to the accompanying figure.
This firm's marginal revenue curve would intersect the vertical axis at ________.
A. $20 B. $0 C. $35 D. $70
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 ? Q. The demand elasticity of a widget at the monopoly price and quantity is:
A. ?2. B. 2. C. ?2.5. D. ?1.5.