Which of the following demand factors are under the control of management?
a. price of product
b. advertising
c. price of competitors' products
d. customer service
e. all except c
e
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If an economist were to consult for a major Fortune 500 company, and he reached the conclusion the firm was making zero economic profit,
A) the firm's accounting profit would be greater than zero. B) the firm should go out of business immediately. C) the firm's accounting profits would be lower. D) the economist's numbers were probably wrong because economic profit can never be zero.
Economics:
A. is the science of the rich. B. has nothing to do with the allocation of resources. C. exists because of scarcity. D. is not related to decision making.
The egalitarian principle refers to
A) "To each according to her need." B) "To each exactly the same." C) "To each according to her productivity." D) "To each according to his ability."
In order to practice quantitative easing (QE) to bring down long-term interest rates, the Fed should
A. sell short-term securities. B. buy short-term securities. C. buy long-term securities. D. sell long-term securities.