Trade between nations A and B:
a. leaves the production possibilities of nation A unchanged.
b. leaves the production possibilities of nation B unchanged.
c. increases the consumption possibilities of both nations.
d. All of these are true.
d
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A price cut will decrease the revenue a firm receives if the demand for its product is
A. elastic. B. inelastic. C. unit elastic. D. straight elastic.
Wendy's must decide whether to grow its own potatoes for French fries. Growing potatoes is a very different process from running a fast-food restaurant. Based on this information alone, should Wendy's grow its own potatoes?
a. No, because Wendy's managers have bounded rationality. b. Yes, because Wendy's managers have bounded rationality. c. No, because there is a small number of potato suppliers. d. Yes, because there is a small number of potato suppliers. e. No, because it is easy to observe the quality of potatoes.
How do companies know whether it is worth creating loyalty to keep customers coming back?
a. Don't overestimate your importance in the customer's life. b. Measure lifetime customer value c. Recognize the right relationships and adapt d. Be transparent
Explain briefly and concisely the meaning and significance of the following equation:
What will be an ideal response?