The primary method that decision makers use to evaluate choices among competing alternatives is called
A) the competitive forces model.
B) cost-benefit analysis.
C) heads-or-tails analysis.
D) absolute advantage.
B
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A perfectly competitive firm in a constant-cost industry produces 1,000 units of a good at a total cost of $50,000. The prevailing market price is $48
Assuming that this firm continues to produce in the long run, what happens to output level in the long run? A) The firm produces the same output level. B) The firm's output increases. C) The firm's output falls. D) There is insufficient information to answer the question.
The highest-income fifth of the U.S. population earns more than 50 percent of all income.
Answer the following statement true (T) or false (F)
Exhibit 6-7 Marginal utility for sandwiches and sodas Quantity Sandwiches Sodas 1 10 5 2 8 4 3 6 3 4 3 1 5 ?1 0 Refer to Exhibit 6-7. If price of a sandwich is $1, the price of a soda is $1, and income is $5, Marian should buy ____ sandwiches and ____ sodas.
A. five; zero B. four; one C. three; two D. two; two
When a decrease of a firm's scale of production leads to lower average costs per unit produced, there is an increasing return to scale.
Answer the following statement true (T) or false (F)