Which of the following is an important lesson to keep in mind during benchmarking?
A. Differences in environments of the benchmarked firms are not important.
B. Benchmarked firms should be made aware of the said firm's motivation.
C. Differences in the strength and activities of the labor unions should be taken into account.
D. Differences in environments of the benchmarked firms should be taken into account.
Answer: D
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Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units. What is the value of consumer surplus?
A) $100 thousand B) $200 thousand C) $600 thousand D) $800 thousand
Any change in price along a perfectly inelastic demand curve produces:
a. greater change in the quantity demanded. b. less change in the quantity demanded. c. no change in the quantity demanded. d. infinite change in the quantity demanded.