The process of analyzing a problem in reverse-starting with the last choice, then the second-to-last choice, and so on, to determine the optimal strategy-is called:
A. backward induction.
B. backward thinking.
C. forward thinking.
D. backward working.
A. backward induction.
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Which of the following four-firm concentration ratios would be the best indicator of an oligopoly?
A) 0.25 percent B) 31 percent C) 78 percent D) 100 percent E) 11 percent
Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. This month, the company supplied the same quantity of binders at $4 per unit. Based on this evidence, Tecumseh has experienced
A) an increase in supply. B) a decrease in the quantity supplied. C) an increase in the quantity supplied. D) a decrease in supply.
If a firm is the sole employer of a factor of production, it is known as
A) a monopsony. B) a monopoly. C) an economically discriminating firm. D) a competitor.
In addition to requiring that CEOs personally certify the accuracy of financial statements, the Sarbanes-Oxley Act of 2002 also requires that
A) CEO's conduct audits of their corporations themselves. B) firms raise funds for expansion through the sale of bonds only, not stocks. C) auditors disclose any potential conflicts of interest. D) corporations issue financial statements monthly rather than quarterly.