Question 16

0/ 1pts

There are two abstract and fundamental descriptions that define consumer behavior and motivation. 1) that more is better and 2) _____________.

Preferences must be complete nd transitive

Cardinal ranking is preferred

Variety is preferred

Extremes are preferred

Question 20

0/ 1pts

Free markets find it difficult to provide some goods and services at some socially optimal level. This is because certain goods and services may have public characteristics where 1) , ______________ and 2)_______________.

Unaffordable for a single firm to provide; Contradicts public interest

Difficult to produce; Difficult to charge everyone

Nonexcludable; Nonrivalrous

Excludable; Rivalrous

Question 25

0/ 1pts

What is the objective of a firm?

To maximize the quantity of outputs

To maximize revenue

To maximize the quality of outputs

To maximize profits

Question 27

0/ 1pts

A firm must be able to ask, answer and determine many operational profit-seeking methods before entering a market. Which of the following isnotan industry question.

What is the market share power of competitors with my market?

How should I organize my business to produce efficiently?

How should I differentiate my goods or services?

How many competitors are in my market?