A firm's managers need information on the firm's revenue and costs as well as information on the value of a firm's assets and the amount of the firm's debts to answer three basic questions
Which of the following is not one of those three basic questions?
A) how to produce it? B) where to produce?
C) what to produce? D) what price to charge?
B
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A modern example of the tragedy of the commons is the forests in many poor countries
Indicate whether the statement is true or false
A monopolistically competitive firm will tend to have a more elastic demand curve than a monopolist because:
A. The monopolist can more easily achieve abnormal profits. B. The monopolist makes a more "unique" product. C. The monopolístically competitive firm faces more competition. D. Both B and C
Which of the following will most likely occur during the recessionary phase of a business cycle?
A. Real GDP rises, and the unemployment rate falls. B. Real GDP declines, and the rate of inflation rises. C. The sales of most businesses decline, and the unemployment rate rises. D. Inflation rises, and employment/population ratio falls.
Which of the following statements is true about a downward-sloping demand curve that is a straight line?
A. The slope remains the same, but elasticity rises as you move down the demand curve. B. The slope remains the same, but elasticity falls as you move down the demand curve. C. The slope and the elasticity fall as you move down the demand curve. D. The slope and the elasticity are the same at all points.