Members of IGA are advised by that organization to
A. hire less-qualified people to keep costs down.
B. provide a level of service, community involvement, and types of goods Walmart does not.
C. "out Walmart" Walmart by lowering prices.
D. sell exactly the same goods Walmart does.
Answer: B
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The production possibilities curve represents the set of all
A) nonlinear forms of production in the economy. B) combinations of goods and services that can be used in the production of other goods and services. C) factors of production that can be used to manufacture goods and services. D) feasible combinations of goods that the economy can produce given that a nation's resources are fully employed.
The price elasticity of demand for Rosie's Roses fresh flowers the week of Valentine's Day is 1.40 and is 2.25 other days of the year. If Rosie's Roses faces a constant marginal cost of $2 per rose, what is the profit-maximizing peak-load price to charge the week of Valentine's Day?
A) $7.00 B) $9.50 C) $3.60 D) $5.60
In consumer equilibrium: a. the average utility from each dollar spent is the same
b. total utility cannot be increased by reallocating spending among the goods consumed. c. total utility obtained from the consumption of each product is at a maximum. d. the marginal utility from the last unit of each good consumed is the same.
Which of the following is inversely related to consumption spending?
a. Wealth b. Interest rates c. Disposable income d. Optimism about future income e. None of the above.