Unlike an owner, a manager may be more concerned with _____ than with _____. Which pair of words best completes this sentence?
a. profits, personal benefits
b. personal benefits, profits
c. profits, working conditions
d. cost, revenue
b
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The government uses the buying power of wages rather than face value or nominal value in reporting changes in "real wages" in the economy
Indicate whether the statement is true or false
Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $30, producer surplus is
A) $0. B) $16. C) $52. D) $68.
Inputs, or factors of production, include
a. labor. b. machinery. c. natural resources. d. all of the above.
Katz, Goborg, and Rimmet are oligopolists in the tractor industry. They face intense pressure from foreign tractor imports. Which of the following actions could be considered collusive?
a. Goborg and Rimmet collaborate on a pricing strategy to boost their sales. b. Katz hires lobbyists to convince the government to raise tariffs on imported tractors. c. Rimmet and Goborg each lower their prices after Katz lowers its prices. d. Goborg deliberately lowers its prices to try to steal customers from Rimmet and Katz.