To stay one step ahead of the forces of competition, a firm can adopt any one of these strategies except
a. Cost reduction
b. Product differentiation
c. Operating where marginal benefits equal marginal costs
d. Develop non-fungible valuable resources
c
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The basic idea behind an auction is that:
A) buyers want to buy from the sellers with the lowest ask prices, and sellers want to sell to buyers with the highest bid prices. B) buyers want to buy from the sellers with the highest ask prices, and sellers want to sell to buyers with the highest bid prices. C) buyers want to buy from the sellers with the highest ask prices, and sellers want to sell to buyers with the lowest bid prices. D) buyers want to buy from the sellers with the lowest ask prices, and sellers want to sell to buyers with the lowest bid prices.
There is no trade-off between inflation and unemployment when expectations are ________ and policy changes are ________
A) adaptive; anticipated B) adaptive; unanticipated C) rational; anticipated D) rational unanticipated
Price and total revenue move in opposite directions when demand is elastic
Indicate whether the statement is true or false
A dollar figure from 1908 is converted into 2008 dollars by dividing the 2008 price level by the 1908 price level, then multiplying by the 1908 dollar figure
a. True b. False Indicate whether the statement is true or false