A considerable amount of uncertainty is involved in making investment decisions.
Answer the following statement true (T) or false (F)
True
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Suppose a plant manager ignores some implicit marginal costs of production so that the perceived MC curve is below the actual MC curve. What is the likely outcome from this error?
A) Firm produces less than optimal quantity and earns lower profits B) Firm produces less than optimal quantity and earns higher profits C) Firm produces more than optimal quantity and earns lower profits D) Firm produces more than optimal quantity and earns higher profits
The term "unit elasticity" is used to describe a situation in which a rise in price is accompanied by
a. a fall in total expenditure. b. a rise in total expenditure. c. constant total expenditure. d. a unit decrease in total expenditure.
Reginald looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered:
A. out of the labor force.
B. unemployed.
C. employed in the underground economy.
D. underemployed.
When a business such as an airline charges different prices for different people for the same product, they are practicing
A. an illegal price policy. B. price discrimination. C. non-price competition. D. a marketing policy which usually backfires.