Which of the following is true regarding price elasticity?
A) The higher the elasticity, the lesser is the volume growth resulting from a 1 percent price reduction.
B) Within the price indifference band, price changes have little or no effect on demand.
C) If demand is elastic, sellers will consider increasing the price.
D) Price elasticity does not depend on magnitude and direction of the contemplated price change.
E) When demand is inelastic, sellers should lower prices in order to increase total revenue.
B
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Most states apply to a limited liability company formed in another state the law of the state in which the firm currently does most of its business.
Answer the following statement true (T) or false (F)
Total units produced during the period divided by the value-added processing time is referred to as process productivity
Indicate whether the statement is true or false
Which of the following is true of an LLC (limited liability company) formation?
A) Doctors and lawyers cannot operate practices as LLCs. B) An LLC has to be organized in every state that it operates. C) "LC" cannot be used to denote an LLC. D) An LLC is a creation of federal law.
What were the reasons that management by trial-and-error changed during the Industrial Revolution in the 18th and 19th centuries?
A. advances in technology, availability of low-skilled laborers, and growing size and complexity of businesses B. advances in technology, availability of skilled laborers, and economic trends favoring small businesses C. advances in technology, availability of skilled laborers, and growing size and complexity of business D. advances in technology, availability of skilled laborers, and declining economic trends E. advances in technology, availability of low-skilled laborers, and economic trends favoring small businesses