According to Porter's Five Competitive Forces Model, which kinds of products are most likely to limit the ability of firms in an industry to raise prices?
A) complementary products produced by different firms in the same industry
B) similar products produced by similar industries in low-cost countries
C) differentiated products that target a small subsegment of the industry
D) substitutable products produced by firms in different industries
D
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Which of the following cannot be determined from a nation's position relative to its production possibilities frontier?
a. whether it is producing efficiently b. whether it has unemployed resources c. the opportunity cost of each good illustrated d. the society's relative preferences regarding each good illustrated e. the price of each good illustrated
A principal-agent problem occurs when
a. either a seller or buyer of labor is able to exercise a personal interest that undermines market efficiency b. wage rates are greater than efficiency wages c. wage rates are less than efficiency wages d. agents representing professionals in a labor market exercise excessive negotiating power e. agents representing professionals in a labor market are unable to represent their clients in a manner that generates maximum returns to the client