Unlike a generic market description, a product-market definition includes
A. product type.
B. customer types.
C. an organization chart.
D. geographic area.
E. customer needs.
Answer: A
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Which of the following is true of the credit crunch that occured in the U.S. economy in the early 1990s?
A. The credit crunch affected only big business firms. B. Small business firms that were unable to obtain bank loans were most affected during the credit crunch. C. The main reason behind the credit crunch was the dramatic decline in housing prices. D. The government bailed out many of the financial firms that were affected by the credit crunch.
Identify a true statement about the doctrine of employment at will (EAW).
A. The freedom to terminate the employer-employee relationship is mutual, both theoretically and practically. B. Until and unless an exception can be demonstrated, courts will rely on employment at will as the default position. C. Employment at will holds that employers can fire an employee at any time but have to provide them with a valid reason. D. An employment at will worker may decide to quit a job at any time and for any reason only if he or she is ready to offer notice.
Which of the following statements about learning curves is best?
A) Learning improvements always follow a constant pattern. B) Frequent design changes and reengineering have no effect on learning rates. C) Underestimated learning effects may cause overestimation of capacity needs. D) An eighty percent learning curve means that each unit takes twenty percent less time to produce than its immediate predecessor.
Which of the following is true of the marginal revenue product model?
A. It oversimplifies business conditions in the real world. B. It explains differences in workers' responses to offers. C. It helps separate the contributions of labor from those of other resources. D. It fails to tell managers how many people to hire.