Central planning is an ineffective method to organize an economy because
What will be an ideal response?
central planners cannot possibly obtain all the information necessary to allocate resources efficiently.
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In order to use lock-in as a competitive strategy, firm managers should be prepared to do all of the following except:
A) invest in a given base of customers by giving concessions initially. B) avoid selling complementary products and access to the customer base. C) be the first to bring a new type of product to market. D) use loyalty programs as part of an entrenchment strategy.
The series of induced changes in consumption spending that result from an initial change in autonomous expenditure is called the
A) induced effect. B) autonomous effect. C) multiplier effect. D) consumption effect
Which of the following is LEAST likely characterized by mixed strategies?
A) the choice of whether to go to war or not B) the choice of which pitch to throw in baseball C) the choice of which play to run in football D) the choice of where to kick a soccer penalty shot
Price discrimination means
A. charging different prices for identical goods that have identical production costs. B. paying wages according to race or sex rather than productivity. C. exploiting the working masses by charging the highest single price possible. D. eliminating all costs so that only profits are realized.