Firms have a competitive advantage when
a. They can deliver the same product benefits as their competitors but at a lower cost
b. They can deliver superior product at a similar cost
c. Both of the above
d. None of the above
c
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Exhibit 30-2
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Check collection and clearing happen
A) at the bank where the check was written. B) only at private clearing centers. C) at the Fed and at private clearing centers. D) only at the Fed.
Opportunity cost of an activity
a. Is known to all parties b. Cannot be measured in dollar terms c. May include both monetary costs and foregone incomes d. Is known with all certainty
Deregulation of the airline and trucking industry has (i) resulted in considerable entry of new firms or (ii) has forced workers in these industries to make large concessions on wages and working conditions.
A. i and ii B. i but not ii C. ii but not i D. neither i nor ii