Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?
A) Direct consumer surveys.
B) Expert opinion.
C) Analysis of historical data.
D) Test marketing and price experiments.
B
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Based on the model, the MPC function is:
Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q; MSB = 30 – 0.3Q; MEB = 0. a. MPC = 20 – 0.8Q c. MPC = 10 + 0.8Q b. MPC = 30 – 0.6Q d. MPC = 10 + 0.2Q
What is the relation between the unemployment rate and the proportion of unemployed workers who have been unemployed for 15 weeks or longer?
A) Both rise in recessions. B) Both rise in expansions. C) The unemployment rises in recessions but the proportion of unemployed workers who have been unemployed for 15 weeks or longer declines in recessions. D) The unemployment falls in recessions but the proportion of unemployed workers who have been unemployed for 15 weeks or longer rises in recessions.
At a price above the breakeven point of a perfectly competitive firm, the firm will suffer losses in the short run
a. True b. False Indicate whether the statement is true or false
Figure 8-1
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Given the scatter diagram in Figure 8-1, if real disposable income is $600 billion and asset wealth increases by $100 billion, how much will consumers spend?
A. $550 billion B. $450 billion C. $600 billion D. Cannot be determined