1. If demand for oranges is unitarily elastic, the price elasticity of demand for oranges is?
I think its either 0 or 1. Couldn't tell you why though.
2. Where managers are limited in their ability to absorb and process information, and think in ways strongly influence by their personal experiences business economists term this:
b. bounded rationality
c. asymmetric information
d. the principal- agent problem
e. the fallacy of competition
3. Opportunity costs are defined as:
a. explicit and implicit costs
b. marginal cost
c. what it costs for a firm to produce a good or service
d. what is costs society as a whole to produce a good or service.
Has to be a or c.
4. If firms follow the prices of a firm that is thought to be typical of the industry, this is called:
a. a cartel
b. barometric price leadership
c. tacit collusion
d. strategic dominance
5. The cost of one additional unit of capital is called:
a. marginal cost of capital
b. rate of discount
c. internal rate of return
d. marginal efficiency capital
Rep give to all helpers.