Which of the following is the best example of a variable cost for a major league baseball franchise?
(A) Stadium rent
(B) Stadium maintenance
(C) Ticket-takers' salaries
(D) Manager's salary
Ans: (C) Ticket-takers' salaries
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[Appendix; Advanced Material] Restaurants try to buy just enough fish to match the expected walk-ins and reservations. If they buy a lot more fish, in the language of revenue management:
a. Spoilage increases b. Spillage increases c. Overbooking increases
Typically, marginal utility is higher when a person consumes less of a good
a. True b. False Indicate whether the statement is true or false
A country recently had saving of 250 billion euro and domestic investment of 400 billion euro. What was the value of this country's net exports? Show your work
Goods with upward sloping demand curves are referred to as
A) Marshall goods. B) Giffen goods. C) substitute goods. D) luxury goods.