A member of a corporate board of directors who is also a manager of the business is known as
A) a shareholder.
B) an inside director.
C) a partner.
D) a corporate governor.
Answer: B
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The chairman of the Federal Reserve Board of Governors
A) is appointed by the President and confirmed by the Treasury. B) serves a fourteen year term as chairman. C) sits on the Federal Open Market Committee. D) is always the president of the Federal Reserve Bank of New York.
Long-run equilibrium under monopolistic competition and perfect competition is similar in that
A) price equals marginal revenue. B) price equals marginal cost. C) firms produce at the minimum point of their average cost curves. D) firms break even.
According to economist Schumpeter, the first step in entrepreneurial growth is:
a. little competition b. monopoly power c. zero economic profits d. creative destruction
The market demand for a monopoly firm is estimated to be:Qd = 100,000 - 500P + 2M + 500PRwhere Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. The average variable cost function is estimated to beAVC = 520 - 0.03Q + 0.000001Q2Total fixed cost in 2016 is expected to be $4 million. The profit-maximizing level of output for 2016 is
A. 1,000 units. B. 4,000 units. C. 5,000 units. D. 10,000 units. E. 20,000 units.