Private costs are the same as
A) implicit costs.
B) external costs.
C) public costs.
D) internal costs.
D
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Suppose you are the manager of Sweet Aroma, a firm that specializes in air freshener. To make your air freshener, you purchase apple skins from apple juice manufacturers. If the demand for apple juice increases, this will cause the production of apple skins to ________ and the price of apple skins to ________.
A) decrease; rise B) increase; rise C) decrease; fall D) increase; fall
The mixed economy is the dominant economic system in the world because
a. custom and religion have no influence on economic decisions in these systems b. pure capitalist economies have placed more control in the hands of individuals in recent years c. there is public (i.e., governmental) ownership of resources but regulation of government by individuals reduces some of the flaws of pure capitalism d. there is private ownership of property but government regulation of individuals reduces some of the flaws of pure capitalism e. governments in pure command economies have increased their control over decision-making in recent years
If a manager wishes to produce a large level of output, which compensation mechanism is most effective?
A. Revenue sharing B. Piece rate C. Profit sharing D. Spot check
Why would a firm choose a lesser known celebrity in its advertising when more famous celebrities are available?
What will be an ideal response?