Answer the following statements true (T) or false (F)
1) The demand and supply model gives managers the opportunity to forecast changes in their production costs and the equilibrium price of their product.
2) If you manage a trucking company that transports lumber and the future price of oil is expected to rise, you should anticipate a decrease in market price to transport lumber.
3) The demand and supply model can help managers increase their firm's profitability.
4) If the demand for your firm's product is expected to increase, you should anticipate a drop in the price you are currently receiving for your product.
5) If the demand for your firm's product is expected to decrease, you should anticipate a drop in the price you are currently receiving for your product.
1) TRUE
2) FALSE
3) TRUE
4) FALSE
5) TRUE
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What will be an ideal response?
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a. varies greatly in acceptability throughout the world. b. is always a sign of affection. c. is not likely to create cross-cultural misunderstanding. d. is rarely the norm.
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