Answer the following statements true (T) or false (F)
1) Refer to the table above. The value of E is greater than the value of F.
2) Competition from profit-maximizing firms will drive firms that are not maximizing profits out of business.
3) Both accounting cost and opportunity costs include explicit and implicit costs.
4) Effective profit-maximizing managers work hard to minimize sunk costs.
5) Managers should use straight-line depreciation when making decisions.
6) Opportunity cost is a better measure of the true costs faced by firms than accounting costs.
1) TRUE
2) TRUE
3) TRUE
4) FALSE
5) TRUE
6) TRUE
You might also like to view...
Which list of the traits best defines the genus Homo?
A) increase in lower face prognathism; longer molar row B) cranial vault higher than in earlier hominids, and face is flatter C) extreme postorbital constriction; occipital bone reduced in size D) very large zygomatic arches; opposable big toe E) brain 600 cc or larger; thin bones of the braincase
Although classes rank people from birth, they are not necessarily lifelong positions for people, who may change position through __________
a. achievement b. advance in age c. ethnic membership d. public recognition for service
Ethnocentrism is defined as viewing another culture
A. by government standards. B. through rose-colored glasses. C. in terms of your own culture and values. D. by that culture's standards. E. by the universal moral code that we all follow.
Which of the following would not be considered a basic characteristic shared by all cultures?
A) Cultures are adaptive. B) Cultures all involve classification systems and symbols. C) Cultures are patterned and integrated. D) Cultures are made up of instinctual behaviors. E) Cultures are subject to change.