Question 24
3 out of 3 points
If a firm successfully adopts a product differentiation strategy, what should happen to the elasticity of demand for its product?
Selected Answer: D. It should decrease. Correct Answer: D. It should decrease.
Question 25
3 ou
Question 21
3 out of 3 points
The manager of a firm estimates that the sales of her firm are related to radio and newspaper advertising in the following way: S = 10,000 + 5,000A + 9,000R where S = number of units sold A = number a newspaper advertisements
Question 27
0 out of 3 points
Consider the following generalized linear demand function: Qd = a + bP + cM + dPr Where Qd = quantity demanded, P = the price of the good, M = household income, Pr = the price of a good related in consumption. If c = -0.05 an
Question 1
3 out of 3 points
A manufacturing company is considering purchasing a new machine that doubles capacity from 500 to 1,000 units per week. The machine will occupy approximately 500 square feet of vacant (unused) space on the factory floor. Which
Question 14
3 out of 3 points
Which of the following is the reason for the existence of consumer surplus?
Selected Answer: B. Some consumers are willing to pay more than the market price. Correct Answer: B. Some consumers are willing to pay more than the
Chapter #9 QUIZ Questions 1-4 refer to the following: A producer is hiring 20 units of labor and 6 units of capital (bundle A). The price of labor is $10, the price of capital is $2, and at A, the marginal products of labor and capital are both equal to 2
Chapter#11,12and13QUIZ
1.
In a perfectly competitive industry the market price is $25. A firm is currently producing 10,000 units of output; average total cost is $28, marginal cost is $20, and average variable cost is $20. The firm should a. b. Raise pri
Question 30
3 out of 3 points
A parameter estimate is said to be statistically significant if there is sufficient evidence that the
Selected Answer: D. true value of the parameter does not equal zero. Correct Answer: D. true value of the parameter does no
1. Increasingly, employees are being allowed to choose benefit packages from a menu of items. For instance, workers may be given a package of benefits that includes basic and optional items. Basics might include modest medical coverage, life insurance equ
Question 4
3 out of 3 points
The manager of a firm estimates that the sales of her firm are related to radio and newspaper advertising in the following way: S = 10,000 + 5,000A + 9,000R where S = number of units sold A = number a newspaper advertisements
Question 7
3 out of 3 points
In a regression equation, the _ captures the effects of factors that might influence the dependent variable but aren't used as explanatory variables
Selected Answer: B. Random error term.
Correct Answer: B. Random error term.
Chapter#8QUIZ
1. B
A production function measures the relation between Input prices and output prices. The quantity of inputs and the quantity of output. Input prices and the quantity of output. The quantity of inputs and input prices. None of the above
a
Question 18
3 out of 3 points
In spending all his income, the consumer chooses the bundle of goods that maximizes his utility. Which of the following statements will be correct?
Selected Answer: C. The addition to utility of the last unit of good per doll
