(TCO 1) What is the economic meaning of the expression that "There is no such thing as a free lunch?"
(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:
(TCO 1) What characteristics describe innovative organizations? If you were attempting to transform an average organization into
(TCO 1) The legacy POTS residential phones are powered by _____. Answer
(TCO 1) Which document is created during the initiation phase of a project?
(TCO 1) Which document is created during the initiation phase of a project? Answer
(TCO 1) What services are included in the triple play?