Sellers should know that the less elastic the demand for their product, the more advantageous it is for them to ________
A) drop the price
B) raise the price
C) maintain the price
D) discontinue the item
E) bundle the item with another product
B
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a. semicolon b. dash c. either of the above
On impulse, you purchase a travel trailer and ask your acquaintance, Max, if you can leave the trailer at the edge of his restaurant's parking lot until you can have a concrete pad built to store the trailer on your property. Max agrees. When you return for the trailer the next week, it is gone and you find out that Max sold it. You can
a. recover the trailer because Max did not have any ownership interest to pass. b. recover, but only if Max bought insurance to cover the trailer while it was on his property. c. not recover because you "entrusted" the trailer to Max, who then had a right to sell it. d. not recover because Max had only a voidable title to transfer.
If the right-hand-side value of a binding constraint is increased by one unit, then the objective function will change in an amount equal to the value of the reduced cost
a. True b. False
Owning a patent:
A. Gives the owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 70 years. B. Gives its owner an exclusive right to manufacture and sell a device or to use a process for 50 years. C. Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 17 years. D. Gives the owner exclusive rights to manufacture and sell a patented item or to use a process for 20 years. E. Indicates that the value of a company exceeds the fair market value of a company's net assets if purchased separately.