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TMGT 3337 Decision Making Economics - All Tests
Includes all 5 tests taken during the course.
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Test 3 - Chapter 9 - The Entrepreneur and the Market Process
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Firms exist because they minimize the cost to using the price mechanism, firms lower transactions costs (to hire employees, to enforce contracts, to negotiate prices), and because firms succeed where markets fail (due to collaborative’s result of corporate culture and collective knowledge).
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Add to cartFirms exist because they minimize the cost to using the price mechanism, firms lower transactions costs (to hire employees, to enforce contracts, to negotiate prices), and because firms succeed where markets fail (due to collaborative’s result of corporate culture and collective knowledge).
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Test 1 - Chapter 1 Economics and Management
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There is no free lunch” refers to the fact that nothing is free, that something of value has to be given up in order to obtain some other valuable good or service, that there is always an exchange when something is obtained.
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Add to cartThere is no free lunch” refers to the fact that nothing is free, that something of value has to be given up in order to obtain some other valuable good or service, that there is always an exchange when something is obtained.
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Test 5 - Chapter 16 - The Knowledge Economy
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Economists tend to disagree with measures that interfere with trade on information because they support free trade, arguing that protectionism disrupts competitive advantage and harms the economy more than benefits it. Economists will support business methods that will provide incentive to entrepren...
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Add to cartEconomists tend to disagree with measures that interfere with trade on information because they support free trade, arguing that protectionism disrupts competitive advantage and harms the economy more than benefits it. Economists will support business methods that will provide incentive to entrepren...
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Test 4 - Chapter 12 - Demand and Revenue Management
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Tuition at a public university / tuition at a private university - Tuition at a private university will suffer from a greater price elasticity of demand because an increase on the price of tuition at a private university will make students find a public university where prices are lower, thus, an in...
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Add to cartTuition at a public university / tuition at a private university - Tuition at a private university will suffer from a greater price elasticity of demand because an increase on the price of tuition at a private university will make students find a public university where prices are lower, thus, an in...
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