A command system is a method of organizing production that
A) uses a market-like mechanism inside the firm.
B) relies on competitive markets.
C) uses a managerial hierarchy.
D) uses incentives most extensively.
C
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________ are the owners of a corporation
A) Bondholders B) The board of directors C) Stockholders D) Top management
If demand is perfectly elastic, the absolute value of the price elasticity coefficient is
A) one. B) infinity. C) zero. D) equal to the absolute value of the slope of the demand curve.
In spite of the stated goal of discouraging behavior, if a sumptuary tax is applied on _____, behavior will not change very much
a. a good with elastic demand b. a good with inelastic demand c. income d. wealth
Which of the following statements best describes consumer surplus in the supply and demand model?
a. Consumer surplus is the area in the supply and demand model that is above the market price and above the demand curve. b. Consumer surplus is the area in the supply and demand model that is below the market price and below the demand curve. c. Consumer surplus is the area in the supply and demand model that is above the market price and below the demand curve. d. Consumer surplus is the area in the supply and demand model that is below the market price and above the demand curve.