Chapter 1: MANAGERS, PROFITS, AND MARKETS Multiple Choice 1-1 Economic theory is a valuable tool for business decision making because it a. identifies for managers the essential information for making a decision. b. assumes away the problem. c. creates a realistic, complex model of the business firm. d. provides an easy solution to complex business problems. 1-2 Economic profit a. is a theoretical measure of a firm’s performance and has little value in real world decision making. b. can be calculated by subtracting implicit costs of using owner-supplied resources from the firm’s total revenue. c. is negative when costs exceed revenues. d. is generally larger than accounting profit. 1-3 Economic profit is a. the …show more content…
b. raising the price of the product above the market-determined price will cause sales to fall nearly to zero. c. many other firms produce a product that is identical to the output produced by the rest of the firms in the industry. d. all of the above 1-16 A price-setting firm a. can lower the price of its product and sell more units. b. can raise the price of its product and sell fewer units but will not lose all of its sales. c. possesses market power. d. sells a product that is somehow differentiated from the product sold by its rivals or sells in a limited geographic market area with only one or a few sellers. e. all of the above 1-17 A market a. lowers the transaction costs of doing business. b. is any arrangement that brings buyers and sellers together to exchange goods or services. c. is an institution used exclusively by capitalist nations. d. both a and b e. both b and c 1-18 Which of the following is NOT one of features characterizing market structures? a. the number and size of firms b. the likelihood of new firm’s entering a market c. the level of capital investment in research and development d. the degree of product differentiation 1-19 In a perfectly competitive market, a. all firms produce and sell a standardized or undifferentiated product. b. the output sold by a particular firm may be quite different from the output sold by the other firms in the market. c. firms are
As much as Europe’s worldwide empires had globalized the war, so too its economic linkages
The actual demand in the early quarters will be much less than potential demand because the quality and quantity of your decisions and those of your competitors will be less than ideal.
c. Determine the two product numbers with the largest unit selling prices for subsequent follow-up to verify the unit selling prices.
19 Facilitate learning and development activities to meet individual needs and preferences (HSC 3004) Assessment of this unit This unit introduces you to the knowledge and skills that are needed to support individuals to plan, take part in and evaluate learning and development activities. It focuses on the benefits of learning and development activities to individuals, the importance of identifying individual needs and the role of the practitioner in planning, preparing, facilitating and reviewing learning and development activities. You will need to: 1.
3.) If the companies sales are down, people that work for the company would suffer.
The Eskimo’s predict the sudden sea squalls but studying the habits of seals. The elder Eskimo was explaining seal patterns for when a seal comes up for breathe under the water. If the seal comes out of the water to breath with its back arched up right to sky and it’s head fully out of the water exposed then the weather will be a normal. But if the seal surfaces faced down with halfway submerged under water still then this was a preview for ominous weather to come that day.
z. P2) High profits are the signal that consumers want more of the output of the industry.
C. How did this affect the product’s marketing mix price, promotion, packaging and distribution decisions?
(few number of salers,high ability to control the price , product cn be identical or differentiated , high barriers to entry and exit).
d. How does our current performance compare to other firms in the industry? Is the performance of the industry as a whole improving or declining? Why?