Firms maintain their completive edge by
a. Providing a good at lower costs than their rivals
b. Providing a superior product at the same cost as your rival
c. Being innovative
d. All the above
d
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________ emphasize(s) that changing expectations about the future is the main reason behind fluctuations in the economy
A) The real business cycle theory B) Keynesian theory C) Ricardian theory D) Monetary theories
Unanticipated inflation will hurt ________ and help ________
A) pensioners; borrowers B) borrowers; pensioners C) the government; tax payers D) homeowners; banks
Suppose that in a Borda count election, outcome X is preferred to outcome Y, and outcome Y is preferred to outcome Z, when outcomes X, Y, and Z are all available options. When Y is removed as an option, however, outcome Z is preferred to outcome X. This would violate Arrow's assumption that voting systems should satisfy
a. unanimity. b. transitivity. c. the independence of irrelevant alternatives. d. no dictators.
Consider the benefit and cost of Mr. T's Coffee Shop, which are indicated by the following: B(Q) = 50 + 18Q – 2Q2 and C(Q) = 40 + 6Q. Use this information to answer the following questions.
a. What is the marginal benefit, represented by MB(Q)? b. What is the marginal cost, represented by MC(Q)? c. At what level of output is the net benefit maximized?