Why would a firm rather a company like J.D. Power (which provides product satisfaction reviews) review its product than doing it within the firm?
A) J.D. Power provides less credibility.
B) J.D. Power provides greater credibility.
C) J.D. Power is more honest than the average firm.
D) J.D. Power has a government monopoly in providing product satisfaction reviews.
B
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Producer surplus directly measures
a. the well-being of society as a whole. b. the well-being of buyers and sellers. c. the well-being of sellers. d. sellers' willingness to sell.
An apple farmer must decide how many apples to harvest for the world apple market. He knows that there is a one-third probability that the world price will be $1, a one-third probability that it will be $1.50, and a one-third probability that it will be $2. His cost function is C(Q) = 0.01Q2. The expected profit-maximizing quantity is:
A. 150. B. 0. C. 90. D. 75.