The public choice theory assumption that self-interest motivates behavior within ______.
a. only the private sector
b. only the public sector
c. both the private and public sectors
d. neither the private nor the public sectors
c. both the private and public sectors
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From 1948 to 2011, the average unemployment rate in the United States was approximately
A) 9.6 percent. B) 24.4 percent. C) 5.8 percent. D) 12.0 percent. E) 3.1 percent.
Economies of scale may be a barrier to entry in a situation in which
A) only small-scale production can lower the per-unit cost of production. B) only small-scale production can meet the constantly changing market demand. C) only large-scale production can lower the per-unit cost of production. D) large-scale production is inefficient.
The Value of Call Monitoring Comcast's call center had a problem with unresolved incidents. Customers who called in for technical help often had to make follow-up calls because the first recommended solution did not work. Since the call center staff
were expected to handle an average of 10 calls per hour, Comcast suspected that calls were being terminated before the complaint had been resolved. As a possible solution, they hired supervisors to randomly listen into calls so as to better monitor inappropriate call terminations at a cost of $8,000 per month. This cut down the need for follow-up calls and, more importantly, increased customer retention. The number of customers who called in a complaint and would terminate services within three months was cut from 150 to 130 . How large must the present value of a retained customer's contribution margin be for additional monitoring to be profitable?
When the incremental satisfaction derived from an additional unit of a good or service decreases as more is consumed, it is known as: a. consumer equilibrium
b. marginal benefit. c. diminishing marginal utility. d. decreasing opportunity cost.