Q: When a resource or capability is valuable, rare, hard to
When a resource or capability is valuable, rare, hard to imitate, and non-substitutable firms may gain a. a temporary competitive advantage. b. a complex competitive advantage. c. competitive parity....
See AnswerQ: In the long-run, which of the following outcomes is
In the long-run, which of the following outcomes is most likely for a firm? a. Zero accounting profits but positive economic profits b. Zero accounting profits c. Positive accounting profits and po...
See AnswerQ: At the individual firm level, which of the following types of
At the individual firm level, which of the following types of firms faces a downward-sloping demand curve? a. Both a perfectly competitive firm and a monopoly firm b. Neither a perfectly competitive f...
See AnswerQ: Which of the following changes might help solve a divisional conflict regarding
Which of the following changes might help solve a divisional conflict regarding a decision? a. Change who has authority to make the decision b. Transfer information to the decision makers so they are...
See AnswerQ: Which of the following types of firms are guaranteed to make positive
Which of the following types of firms are guaranteed to make positive economic profit? a. Both a perfectly competitive firm and a monopoly b. Neither a perfectly competitive firm nor a monopoly c. A...
See AnswerQ: What is the main difference between a competitive firm and a monopoly
What is the main difference between a competitive firm and a monopoly firm? a. The number of customers served by the firm b. Monopoly firms are more efficient and therefore have lower costs. c. Monop...
See AnswerQ: Which of the products below is closest to operating in a perfectly
Which of the products below is closest to operating in a perfectly competitive industry? a. Nike shoes b. Cotton c. Perdue Chicken d. Restaurants
See AnswerQ: A firm in a perfectly competitive market (a price taker)
A firm in a perfectly competitive market (a price taker) faces what type of demand curve? a. Unit elastic b. Perfectly inelastic c. Perfectly elastic d. None of the above
See AnswerQ: A competitive firm’s profit maximizing price is $15. At MC
A competitive firm’s profit maximizing price is $15. At MC=MR, the output is 100 units. At this level of production, average total costs are $12. The firm’s profits are a. $300 in the short run and lo...
See AnswerQ: What would happen to revenues if a firm in a perfectly competitive
What would happen to revenues if a firm in a perfectly competitive industry raised prices? a. They would increase b. They would increase but profit would decrease c. They would increase along with pr...
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