A make -or-buy decision examines whether a manager should incur ________-period costs in order to produce ________ in the ________ period(s).
A) future; inputs; present
B) future; outputs; present
C) present; inputs; future
D) present; outputs; future
C) present; inputs; future
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The demand for movies is unit elastic if
A) a 5 percent decrease in the price leads to an infinite increase in the quantity demanded. B) a 5 percent increase in the price leads to a 5 percent decrease in the quantity demanded. C) any increase in the price leads to a 1 percent decrease in the quantity demanded. D) a 5 percent increase in the price leads to a 5 percent increase in total revenue.
A monopolistically competitive firm can increase its economic profit by ________
A) developing new products B) producing at the efficient quantity C) eliminating excess capacity D) advertising less
Price cap regulation improves cost control incentives relative to rate-of-return regulation
Indicate whether the statement is true or false
Barbara owns a small shop where dresses are made. At the end of a given month, she has 250 dresses. Her expenses for the month are $1,000 for rent, $6,000 for wages, $1,500 for fabric and thread, and $500 for electricity. Her total variable costs for the month are:
a. c and e. b. $4,000. c. $32 per dress. d. $7,500. e. $8,000.