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- Can loyal consumers (VLC) be offered quality products and services at premium rates when the consumer segment's demand is high? Can they be allowed less service if their VLC is low? Justify.Insurance coverage has been shown to diminish the importance of time in the decision about how much medical care to seek and which providers to use. True OR FalseThe decisions of individual employees are clearly independent from a company's stance regarding social responsibility () a) True () b) False
- Tom is a retail manager who's training one of his seasoned salespeople on the features and benefits of a new product the company will be carrying. What training method is Tom using? A. Behavior modeling B. Role rotation C. In-basket technique D. On-the-job training Give justification for your answerBill has been adjudicated by the court to be mentally incompetent. Any contract that bill would enter into would be void? True or falseExplain the responsibilities businesses have toward theiremployees.
- You have just received a report suggesting that a chemical your company uses in its manufacturing process is very dangerous. You have not read the report, but you are generally aware of its contents. You believe that the chemical can be replaced fairly easily but that if word gets out, panic may set in among employees and community members. A reporter asks if you have seen the report, and you say no. Is your behavior right or wrong? Explain.Adverse selection occurs because of A) spreading of risks. B) diminishing marginal utility. C) of imperfect information. D) moral hazardMaggie is currently using the website Matchmaker.com to help her search for a new partner. Maggie is enjoying going on the dates she has arranged through this website. She believes the marginal benefits are more than the marginal costs from using the website. Which of the following statements is true? Maggie should always continue using Matchmaker.com as the benefits outweigh the cost. Maggie's opportunity cost from using Matchmaker.com will eventually start to rise and her benefits will eventually start to fall. Maggie should immediately cease using Matchmaker.com when she has a successful date. With her benefits per hour currently exceeding her costs per hour, Maggie is at the optimal level of information. Maggie's use of Matchmaker.com will become subject to diminishing returns to scale as her costs fall. 0000
- You want to travel to Las Vegas to celebrate spring break and your "A" in your microeconomics class! You are trying to figure out if you should drive or fly. A round trip airline ticket from Riverside to Las Vegas costs $350 and flying there and back takes about 5 hours. Driving roundtrip to Las Vegas costs about $50 in gas and takes about 10 hours. Other things constant, what is the minimum amount of money that you would have to expect to make by gambling in Las Vegas to induce you as a rational individual to fly rather than drive? O $10 an hour $60 an hour O $70 an hour O $300 an hourHow might imperfect information impact price? Group of answer choices Because buyers cannot determine the true quality of a product, they might tend to bid up the prices. Because they might not be able to present all the information about a product, sellers might temporarily lower the price to make potential buyers think the product is of excellent quality. Imperfect information might tend to cause prices to be perfectly elastic. Buyers cannot distinguish which goods have a higher quality and might be less likely to pay higher prices for that good.Which does a utilitarian attempt to maximize? Total amount of happiness (b) Total number of people made happier (c) Net happiness
