As GMB moves to select a new passive restraint safety system for its buses, it finds that its competitor, VolgaBus, opposes the move with an alternative technology. GMB must now evaluate its strategy and determine whether
A. GMB used the circle technique to arrive at its decision.
B. the secure strategy is the best alternative.
C. VolgaBus should really be the first mover.
D. VolgaBus's alternative is credible.
Answer: D
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Refer to Scenario 17.5. If a fixed wage of $3000 is given the individual worker, the result will be
A) low effort 75% of the time. B) low effort 25% of the time. C) low effort. D) high effort. E) high or low effort depending on whether the worker thinks the $3000 is an acceptable wage.
Consumers must understand the law of diminishing marginal utility in order to maximize their satisfaction
a. True b. False
In long-run equilibrium, the typical perfectly competitive firm has no incentive to:
a. change output. b. change plant size. c. enter or leave the industry. d. do any of these.
According to the Fisher effect, if inflation rises then the nominal interest rate rises
a. True b. False Indicate whether the statement is true or false