Strategic situations are more likely to arise when the number of decision-makers is very large rather than very small.
Answer the following statement(s) true (T) or false (F)
Ans: False
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A common source of diseconomies of scale is the
A) diminishing marginal returns to capital. B) diminishing marginal returns to labor. C) diminishing marginal returns to land. D) growing complexity of management and organizational structure.
Imperfect information means which of the following?
a. one party to the transaction has more information than the other party b. buyers and sellers have all the information necessary to make an informed decision c. buyers and sellers do not have all the information necessary to make an informed decision d. buyers always have more information than sellers to make an informed decision
Which market structure would likely have the highest concentration ratio?
a. Monopoly b. Oligopoly c. Monopolistic competition d. Perfect competition
The official poverty line in the United States was established by the government in the early 1960s.
Answer the following statement true (T) or false (F)