Advertising is an aspect of a firm's:
A. structure.
B. conduct.
C. performance.
D. environment.
Answer: B
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Suppose that two roommates share a bathroom. Jeff, your roommate, makes a mess with toothpaste in the sink. This bothers the other roommate, Justin. According to the Coase Theorem, one necessary condition to alleviate the externality of toothpaste in the sink is that
A. either Jeff or Justin own the house (and therefore the bathroom). B. neither Jeff nor Justin own the house (and therefore do not own the bathroom). C. Jeff has the right to leave the toothpaste and Justin cannot do anything else. D. Justin has a right to a clean bathroom and Jeff has to clean up the toothpaste.
If the depreciation rate in an economy is 10%, and the capital stock in the economy is $1,000, the level of investment required to keep the economy at a steady state is equal to:
A) $110. B) $1,000. C) $250. D) $100.
A change in the price of one good results in a rotation of the budget line around the point at which the consumer is currently consuming, so that it is steeper or flatter.
Answer the following statement true (T) or false (F)
Suppose a profit-maximizing firm in a competitive market produces rubber bands. When the market price for rubber bands rises above the minimum of its average variable cost, but still lies below the minimum of average total cost, in the short run the firm will
a. experience losses but will continue to produce rubber bands. b. shut down. c. earn both economic and accounting profits. d. raise the price of its product.