Which of the following is an example of a factor that a firm's owners and managers can control in making the firm successful?
A) the ability to produce the product at a lower cost
B) the number of competitors in the market
C) changing consumer tastes
D) a rise in the price of a key input, for example, a rise in the price of oil leads to higher energy costs
A
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The body that is responsible for dating the beginning and ending dates for a recession is
A) the Congress. B) the National Bureau of Economic Research. C) the Bureau of Economic Analysis. D) the Fed.
The upward-sloping character of the labor supply schedule assumes that the ________
A) the substitution effect is equal to the income effect B) the substitution effect is larger than the income effect C) the substitution effect is smaller than the income effect D) the ratio of real wages to the marginal product of labor is equal to the equilibrium nominal wage