A "vertically integrated firm" is a firm that
a. combines firms which formerly competed.
b. manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm.
c. earns zero economic profits due to the highly competitive market within which it operates.
d. has representatives on its board of directors from many of the companies that it buys from and sells to.
b. manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm.
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Use the following graph to answer the next question.
Assume that Japan and the United States are engaged in a system of flexible exchange rates. An increase in the supply of yen will result in a(n) ________.
A. increase in the dollar price of yen B. appreciation of the U.S. dollar C. depreciation of the U.S. dollar D. appreciation of the yen
The Skinned Knee Corporation can produce either 300 skateboards each week or 500 snowboards each week. What is their opportunity cost of producing 300 skateboards each week?
A) 300 skateboards B) 200 snowboards C) 500 snowboards D) 800 snowboards
What percentage of GDP comes from agriculture in the high-income economies of the world?
a. 1 percent b. 2 percent c. 3 percent d. 4 percent
If the marginal utility you derived from the last video game you played was 50 cents and the game costs 50 cents to play,
A. you have been playing the game too long. B. you haven't been playing the game long enough. C. you have maximized your total utility. D. there is no way to determine whether you have played the game long enough.