When a hierarchy is in place where one person can give orders which others must follow, the price of the specific task the subordinates are being asked to perform goes undetermined
Indicate whether the statement is true or false
T
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When a firm faces a downward-sloping demand curve, marginal revenue
A) must exceed price because the price effect outweighs the output effect. B) must exceed price because the output effect outweighs the price effect. C) is less than price because a firm must lower its price to sell more. D) equals price because the firm sells a standardized product.
A sudden rise in the market demand in a competitive industry leads to
a. A short run market equilibrium price higher than the original equilibrium b. A market equilibrium higher than the short run price c. Some firms exiting the market d. All of the above
If salsa and nacho chips are complements, an increase in the price of nacho chips would
a. increase the price of salsa. b. decrease the demand for salsa. c. increase the demand for salsa. d. have no effect on the demand for salsa.
Profit per unit is the difference between
A) average revenue and average total cost. B) marginal revenue and marginal cost. C) total revenue and total cost. D) average revenue and marginal cost.