One of the Interesting Findings of a Survey of Firm

question 90

Multiple Choice

One of the interesting findings of a survey of firm managers by Blinder et al.is that:

• A)the vast majority of firms pay considerable attention to marginal costs in making decisions about how much output to produce.
• B)the majority of respondents suggested that fixed costs are a relatively unimportant consideration when making output decisions.
• C)approximately 75 percent of respondents indicated that their marginal costs of production are rising over the relevant range of output.
• D)a significant percentage of respondents to the survey did not appear to understand the concept of marginal cost.

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Definitions:

Stereochemistry

The study of the spatial arrangement of atoms in molecules and its influence on the physical and chemical properties of substances.

Solvolysis

A chemical reaction in which the solvent plays the role of a reactant, breaking bonds within the substrate molecule, often involving water or alcohol.

Methanol

A basic type of alcohol known by the chemical formula CH3OH, utilized in various applications including as a solvent, antifreeze, fuel, and as a starting point for the synthesis of other chemical compounds.

Relative Rate

A measure of the speed at which one reactant in a chemical reaction is consumed compared to another, often used to determine mechanisms in kinetics studies.