- (TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if
- (TCO 1) The law of increasing opportunity costs indicates that
- (TCO 1) Which expression is another way of saying “marginal cost”?
- (TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the
- (TCO 1) Another term for capitalism is
- (TCO 1) Markets in which firms sell their output of goods and services are called
- (TCO 1) Consumers express self-interest when they
- (TCO 1) Consumer sovereignty and “dollar votes” guide the market system in dealing with which fundamental question?
- (TCO 1) The major “success indicator” for business managers in command economies like the Soviet Union and China in the past was
- (TCO 2) The quantity demanded of a product increases as its price declines because the
- (TCO 2) A surplus of a product will arise when price is
- (TCO 2) Black markets are associated with
- (TCO 2) An increase in demand for oil along with a simultaneous increase in supply of oil will
- (TCO 2) If Product Y is an inferior good, a decrease in consumer incomes will
- (TCO 2) If the price elasticity of demand for a product is equal to 0.5, then a 10 percent decrease in price will increase quantity demanded by
- (TCO 2) Demand is said to be inelastic when
- (TCO 2) You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than 1. To increase total revenues, you should:
- (TCO 2) If the demand for a product is elastic, then
- (TCO 2) Airlines charge business travelers more than leisure travelers because there is a more
- (TCO 3) Suppose that you could prepare your own tax return in 15 hours, or you could hire a tax specialist to prepare it for you in two hours. You value your time at $11 an hour. The tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return is
- (TCO 3) If a firm’s revenues just cover all its opportunity costs, then
- (TCO 3) In the short run
- (TCO 3) Fixed costs are those costs which are
- (TCO 3) Marginal cost can be defined as the
- (TCO 3) If you know that total fixed cost is $200, total variable cost is $600, and total product is four units, then average total cost must be:
Tuesday, December 27, 2016
(TCO 1) What is the economic meaning of the expression that “There is no such thing as a free lunch?” – Homeworkmade
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