The production function Y = AKbN1-b written in terms of growth rates is
A) y = a - bk - (1 - b)n.
B) y = a + bk + (1 - b)n.
C) y = a - bk + (1 - b)n.
D) y = a + bk - (1 +b)n.
B
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Managers will use ________ probabilities to estimate the likelihood of a successful launch of a new brand of peanut butter.
A) relative B) objective C) known D) subjective
In Adam Smith's competitive market economy, the question of what goods to produce is determined by:
a. the "invisible hand" of the price system. b. businesses. c. unions. d. the government, through laws and regulations.
The demand curve for a monopolistic competitor is likely to be flatter than that of a monopolist
a. True b. False Indicate whether the statement is true or false
Assume that Burger King employees work in an air-conditioned environment while McDonalds employees do not. Other things equal, you would expect wages to be ____ in Burger King because ____
a. higher; Burger King employees are more productive b. lower; McDonald's employees are more productive c. higher; Burger King is a more prestigious place to work d. lower; Burger King has more favorable working conditions