A _____ generally has less understanding of the firm than a manager and has little knowledge that is likely to improve the quality of the manager's choices
a. specialized residual claimant
b. diversified residual claimant
c. diversified hierarchy
d. specialized hierarchy
B
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Suppose you are the monopoly owner of a movie theatre. You can allow people to enter the theatre at zero marginal cost, and you can provide popcorn at a constant marginal cost of $0.50 per bag. You have two customers, Larry and Terry, who are identical twins. Larry never buys popcorn under any circumstances. If you charge the monopoly price of $1.00 per bag for popcorn, Terry will buy 2 bags of popcorn and earn $0.50 in consumer's surplus, and you will earn $1.00 in profit from popcorn sales. If you charge the competitive price of $0.50 per bag for popcorn, Terry will buy 4 bags of popcorn and earn $2.00 in consumer's surplus, and you will earn no profit from popcorn sales.
(i) Suppose that Larry is willing to pay up to $8.00 to see the movie and Terry is willing to pay up to $5.00 to see the movie. How much should you charge for admission to the theatre and how much should you charge for popcorn? (ii) Suppose that Larry is willing to pay up to $4.00 to see the movie and Terry is willing to pay up to $5.00 to see the movie. How much should you charge for admission to the theatre and how much should you charge for popcorn?
If the dollar depreciates in value relative to foreign currencies, then aggregate ________.
A. demand increases B. demand decreases C. supply and aggregate demand decrease D. supply and aggregate demand increase
Who expressed this view? "Unlike the present period, (black) inner-city communities prior to 1960 exhibited the features of social organization—including a sense of community, positive neighborhood identification, and explicit norms and sanctions against aberrant behavior."
A. Charles Murray B. William Julius Wilson C. Mickey Kaus D. Lisabeth Schorr
Which of the following is NOT counted as an economic resource?
a. Land. b. Physical labor. c. Mental abilities of labor. d. Money supply. e. Entrepreneurship.