The issue with centralized versus decentralized decision making is that
A. it is always easy to find out which is better, but not all may agree.
B. centralization is always better because one person controls all information.
C. decentralization is always better because many people can split the tasks.
D. it is difficult to find out whether one is better than the other in the hierarchy.
Answer: D
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Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, ________ should specialize in truck sales, and ________ should specialize in car sales.
A. Larry; Ralph B. Joe; Ralph C. Ralph; Larry D. Larry; Joe
Suppose the demand for strawberries rises sharply, resulting in an increased price for strawberries. As it relates to strawberry pickers, we could expect the
A. MRP curve to shift to the left. B. MP curve to shift downward. C. MRP curve to shift to the right. D. MRC curve to shift downward.
If the government attempts to force a natural monopoly to charge a price equal to marginal cost,
A) the natural monopoly will shut down. B) the natural monopoly will still make high profits. C) the natural monopoly's marginal cost curve will shift up. D) total welfare is maximized.
Which of the following tends to make demand for a good more elastic?
a. A reduction in the number of substitutes for the good. b. Consumers have a long time to adjust to a price change. c. The amount spent on the good is a small proportion of the consumer's budget. d. The good is broadly defined. e. The good is a necessity.