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Prepare a checklist that a practicing manager could use to help evaluate selection tests.What should he/she look for in advertising brochures in order to assess a vendor's claims? What questions should he/she ask of the test publisher?
Monopoly Price
The price set by a monopoly, typically higher than in competitive markets, due to the absence of competition.
Economic Profits
Profits exceeding the opportunity costs of all resources used, indicating a return above the normal competition level.
Marginal Revenue
The additional income earned by producing and selling one more unit of a product.
Marginal Costs
The additional cost incurred in producing one more unit of a good or service.
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