In economics the value of what a producer or consumer is willing to give up in order to produce or buy something else is called

a) A factor of production

b) Productivity

c) A trade-off

d) An opportunity cost

Which of the following will improve your bargaining position with customers a. The product your team produces has become more costly to produce b. There are fewer close substitutes for the product your team supports c.

The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative B and for the United States is alternative U.

Analytical CRM provides customer segmentation, which divides a market into categories that share similar attributes such as age, location, gender, habits, and so on.

Sony is considering a 10 percent price reduction on its HD TV sets. If the price-elasticity coefficient for the sets in this price range is 0.75, then the price cut will cause

Gardner Corporation purchased a truck at the beginning of 2012 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 18,000 miles in 2012 and 32,000 miles in 2013.

How are resources allocated in a traditional economy?

Which of these statements about the world economic system is true? everyone in core countries benefits from the world system. low-wage sweat shops are found in all countries. no one in peripheral countries benefit from the world system.

If households pay $1,000 in interest payments and receive $1,200 in interest, wages equal $8,000, rental receipts on land are $200, total business profits before taxes are $2,200, depreciation is$1,750, and indirect business taxes are $1,000, then

Why are entrepreneurs considered both spark plugs and catalysts of the free enterprise economy?

Suppose that businesses buy a total of $170 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households.