MindTapV2.0 Management, 1 term (6 months) Printed Access Card for Hitt/Ireland/Hoskisson's Strategic Management: Concepts and Cases: Competitiveness and Globalization 12th Edition Solutions

total revenue divided by the quantity sold

variable cost divided by the quantity of output

an institution designed to oversee the banking system and regulate the quantity of money in the economy

a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good

the property of a good whereby a person can be prevented from using it

costs that do not vary with the quantity of output produced

the study of how people behave in strategic situations

the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises

the increase in the amount of output from an additional unit of labor

the rate at which a consumer is willing to trade one good for another

spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

claims that attempt to describe the world as it is

a legal minimum on the price at which a good can be sold

a person for whom another person, called the agent, is performing some act

people who systematically and purposefully do the best they can to achieve their objectives

a cost that has already been committed and cannot be recovered

a worker association that bargains with employers over wages, benefits, and working conditions

costs that vary with the quantity of output produced

the price of a good that prevails in the world market for that good