Honda will sell its vehicles to anyone who wants to and can buy one. Honda is using a ________ allocation method
A) first-come, first-served
B) market price
C) contest
D) majority rule
E) command
B
You might also like to view...
Firms that spend a large amount of money on advertising a particular product are likely to be providing consumers with
a. information about the availability of the product. b. information about product price. c. a signal of product quality. d. a good example of wasted resources.
Suppose a firm has an annual budget of $200,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rented property, and $35,000 in interest costs on capital. The owner/manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $360,000 per year. What are the annual implicit costs for the firm described above?
A. $160,000. B. $360,000. C. $90,000. D. $450,000.
What the text calls "the economic way of thinking" is primarily
What will be an ideal response?
Patents encourage firms to engage in innovation.
Answer the following statement true (T) or false (F)