Harvard Business School HBS Core
Economics for Managers Exam Review
Questions and Answers 100% Pass |
Graded A+
David Mungai [Date] [Course title]
, Harvard Business School HBS Core
Economics for Managers Exam Review
Questions and Answers 100% Pass |
Graded A+
A market's equilibrium outcome maximizes __ - Answer>> Total
Surplus. Sum of Producer and Consumer Surplus
Are auctions more effective when buyers' valuations are within a
narrow range? Or when buyers' valuations are widely spread out?
- Answer>> Auctions are more effective when valuations are
within a narrow range, ensuring that the sale price will be close to
the WTP of the second highest bidder
As a business that exhibits network effects gains market share,
buyers' WTP should __ - Answer>> Increase. Buyers should be
willing to pay more for their products
As more substitute goods become available, price elasiticity of
demand ___ - Answer>> Increases. The more substitute goods
are available, the less willing consumers will be to put up with
increases in price
As more substitute goods become available, price elasticity of
demand __. Why? - Answer>> Increases. The more available
are subtitute goods, the less willing consumers will be to put up
with increases in price
As price increases, the price elasticity of demand __? Why? -
Answer>> Increases. The higher the price, the less willing
consumers will be to put up with additional increases in price
As price of a product increase, the price elasiticity of demand for
that product ___ - Answer>> Increases. The higher the price,
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