Which of the following terms describes how a good is produced in stages?
a. supply chain
b. value chain
c. supply trade
d. value trade
b. value chain
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Which of the following must exist for a firm to engage in price discrimination?
A) The firm must be able to identify and separate its buyers into different classes, and the low-price buyers cannot resell the product to the high-price buyers. B) The firm must face an inelastic demand. C) The firm must be able to realize economies of scale. D) The firm must have no more than one class of buyer. E) The firm must be a natural monopoly.
If government decides not to charge for access to a highly demanded highway, which of the following is most likely to happen?
a. Government will keep capacity the same. b. Government increase capacity to reduce congestion. c. Government will encourage telecommuting. d. Government will produce an inefficient level of highways to maximize social welfare.
According to the Net Present Value (NPV) rule, managers choose to invest if
a. The NPV of the project is less than zero b. The NPV of the project is greater than zero c. The NPV of the project is equal to zero d. The NPV of the project is equal to the cost of capital
A ________ is a person who wants to enjoy the benefits of a public good without contributing his or her marginal benefit to the cost of financing the amount made.
A. free rider B. politician C. price maker D. price optimizer