The resource based view locates the source of competitive advantage at the
a. Individual firm level
b. Industry level
c. Both a and b
d. None of the above
a
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If he devotes all of his available resources to cantaloupe production, a farmer can produce 120 cantaloupes. If he sacrifices 1.5 watermelons for each cantaloupe that he produces, it follows that
a. if he devotes all of his available resources to watermelon production, then he can produce 80 watermelons. b. he cannot have a comparative advantage over other farmers in producing cantaloupes. c. his opportunity cost of one watermelon is 2/3 of a cantaloupe. d. his production possibilities frontier is bowed-out.
In the United States, the income distribution is shaped like a:
A. square. B. diamond. C. pentagon. D. pyramid.
The mirror image of the marginal cost curve is the
A. average fixed cost curve. B. marginal product curve. C. total variable cost curve. D. average total cost curve.
In a cartel, firms jointly act as
A. a perfectly competitive firm. B. a monopolistic competitive firm. C. a monopoly firm. D. an oligopolistic firm.