Assuming that Chinese food and Thai food are substitutes, if P. F. Chang's Chinese Restaurant reduces its prices:
a. the sales of the nearby Bahn Thai restaurant will increase
b. demand for meals at P. F. Chang's will increase.
c. the demand for meals at the Bahn Thai restaurant will decrease.
d. the quantity of food demanded from P. F. Chang's will decrease.
c
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Which of the following addresses agency costs
a. advertising for employee positions in as many outlets as possible b. requiring employees to punch time clocks c. instituting longer work days d. reducing the number of holidays
Which of the following is not correct?
A. Where marginal product is greater than average product, average product is rising. B. Where total product is at a maximum, average product is also at a maximum. C. Where marginal product is zero, total product is at a maximum. D. Marginal product becomes negative before average product becomes negative.