According to the text, the essence of good management is:
A) to determine when a free lunch is actually free.
B) to be sure there are not "too many chefs stirring the broth."
C) to ensure that the reputation of the firm remains high.
D) to ensure that the stock price remains high.
E) to determine whether the implementation of a practice increases the value that a firm adds.
E
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The City Symphony presents three open-air concerts in the city park pavilion during the spring and summer. Many who attend make donations for symphony expenses, but the donation is not required. Some who attend make no contributions. Economists would
A. classify the noncontributors as detrimental externalities. B. call the concerts excludable events. C. call the noncontributors free riders. D. call the concerts depletable goods.
The table above describes the market for paper. The production of paper produces pollution. There are no external benefits. Now suppose a Pigovian tax is successfully implemented and the efficient quantity of paper is produced
What is the total tax revenue collected by the government per week? A) $120 B) $840 C) $1,200 D) $1,800
Due to global warming, a country's climate has changed over the years. 30 years ago, it used to rain for almost three months. However, for the past two years, the rainy season has hardly lasted for two weeks. If this change in climate adversely affects agricultural productivity and crop yield, it will cause: a. the long-run aggregate supply curve to shift rightward
b. the long-run aggregate supply curve to shift leftward. c. an upward movement along the long-run aggregate supply curve. d. a downward movement along the long-run aggregate supply curve.
In the long run, a firm in a perfectly competitive market operates
a. at its efficient scale, and a monopolistically competitive firm operates at its efficient scale. b. at its efficient scale, and a monopolistically competitive firm operates with excess capacity. c. with excess capacity, and a monopolistically competitive firm operates with excess capacity. d. with excess capacity, and a monopolistically competitive firm operates at its efficient scale.