Marginal costing profit is always equal to:

• None of the listed choices.
• absorption costing profit + fixed overhead in opening inventory – fixed overhead in closing inventory.
• fixed overhead in opening inventory + fixed overhead in closing inventory.
• fixed overhead in opening inventory – fixed overhead in closing inventory.
• absorption costing profit + fixed overhead in closing inventory – fixed overhead in opening inventory.

 

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Marginal revenue product for a perfectly competitive seller is equal to A. the change in total revenue that results from hiring another worker. B. the marginal cost of production. C. the output price multiplied by the number workers hired. D. the output price multiplied by the total product of labor. 14) At low wages, the labor supply curve for most people slopes upward because A. as wages increase income also increases unless hours worked decrease. B. the demand for labor is perfectly elastic at low wages. C. as wages increase the opportunity cost of leisure increases. D. the supply of labor is perfectly inelastic at low wages. 15) Which of the following best explains why unemployment rates are higher in the European economies than in the United States? A. Workers in Europe are less productive than workers in the United States. B. European industries pay a lower wage rate than industries in the United States. C. Unemployment benefits are more generous in Europe than in the United States. D. More Europeans go to school fulltime and are therefore not able to participate in the labor market. 16) How will an increase in population affect the labor market? A. It will increase the supply of jobs. B. It will increase the opportunity cost of leisure. C. It will cause a decrease in the quantity of labor demanded. D. It will shift the market supply curve. 17) The labor supply for an industry would decrease if A. the government welcomes foreign workers into the country. B. a greater percentage of women want to work outside the home. C. the percentage of the population from age 16 to 65 decreases. D. the wage rate falls. 18) A decrease in the wage rate causes A. a leftward shift of the firm’s labor demand curve. B. a decrease in labor’s productivity. C. a rightward shift of the firm’s labor demand curve. D. an increase in the quantity of labor demanded. 19) Which of the following displays rivalry and excludability in consumption? A. quasi-public goods B. common resources C. private goods D. public goods 20) Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption? A. quasi-public goods B. public goods C. common resources D. private goods 21) Private costs A. are borne by producers of a good while social costs are borne by society at large. B. are borne by producers of a good while social costs are borne by government. C. are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good. D. are borne by consumers of a good while social costs are borne by government. 22) One reason why the coffeehouse market is competitive is that A. barriers to entry are low. B. demand for specialty coffee is very high. C. consumption takes place in public. D. it is trendy and therefore is likely to have a customer following. 23) The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because A. products are differentiated. B. barriers to entry are very low. C. entry into the market is blocked. D. there are many firms in the market. 24) Which of the following is the best example of an oligopolistic industry? A. public education B. the beef market C. the beauty products industry D. the pharmaceutical industry

 

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Margo Switches Coasts

For 17 years Margo Williams owned a jewelry store called Margo’s Diamond Mine near the naval base in San Diego. The large majority of her customers were sailors and their families and her most successful items were wedding rings, inexpensive necklaces, and low-priced brand-name watches. Because her customers were often stretching their finances to make what they felt was a major purchase, Margo’s store provided lay-away plans that allowed her clients to pay for items over time.

Margo’s mother, who lived in Ft. Lauderdale, recently became ill, so Margo decided it was time to close the store in San Diego and relocate both her home and business to Florida. She found a vacant store at a reasonable price in a small upscale strip mall in which the other businesses included an expensive dress shop, a gourmet food store, and a craft outlet. The surrounding area consisted mostly of high-end condominium developments which catered to retirees and people who spent about half the year in Florida.

Margo knows the jewelry business, including how to value items she takes on trade-ins, which suppliers are best to work with, and how to design and manage a store. Although she doesn’t know her new Florida market very well, some issues are clear:

• The new market is older, wealthier, and includes many retired people.
• People appear to wear much more expensive items.
• The existing competition consists of two well-known chain jewelry stores that aim their products at middle-income markets.

• Advertising and promotion tend to be concentrated in newspapers and pennysavers.

Margo was not sure she wanted to use the Margo’s Diamond Mine name in this new market and she really did not know how to go about designing a marketing and promotion plan for the Florida market. To get started, Margo focused on two issues. First, she wanted a preliminary plan that would address—as best she could—the new marketing challenge she faces. Second, she wanted to research background information so she could refine her preliminary marketing plan.

Case exercise:

You are Margo. What are the new marketing challenges you face? Based on the material covered in this chapter, use the 4 Ps of marketing to make a preliminary marketing plan.

 

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Marguerite M., an 89-year-old widow, is admitted into the cardiac intensive care unit in Chicago’s Memorial Hospital at 3:00 a. m. on a Sunday morning with a massive heart attack (myocardial infarction). Her internist, Dr. K., who is also a close family friend, has ordered an angiogram to determine the status of Marguerite’s infarction (heart attack). Dr. K. knows that the angiogram and resulting treatment need to be done within the first six hours after an infarction in order to be effective. Therefore, the procedure is going to be done as soon as the on-call surgical team can set up the angiography room. The radiologist, who lives 30 minutes from the hospital, must also be in the hospital before the procedure can begin. At 4:30 a. m. the team is ready to have Marguerite, who is barely conscious, transferred from the intensive care unit (ICU) to the surgical suite.

Coincidentally, at 4:30 a. m. Sarah W., an unconscious 45-year-old woman, is brought in by ambulance with a massive heart attack. The emergency room (ER) physicians, after conferring with her physician by phone, conclude that she will need a balloon angiography (dilating an obstructed blood vessel by threading a balloon-tipped catheter into the vessel) to save her life. When they call the surgical department to have the on-call angiography team brought in, they are told that the room is already set up for Dr. K.’s patient. They do not have another team or surgical room for Sarah. A decision is made that because Sarah needs the balloon angiography in order to survive, they will use the angiography team for her.

Dr. K. is called at home and told that his patient, Marguerite, will not be able to have the angiogram. The hospital is going to use the angiography team for Sarah, because she is younger than Marguerite and has a greater chance for recovery. Unfortunately, it took longer than expected to stabilize Sarah before and after the procedure and the six-hour “window” when the procedure could be performed on Marguerite passed. Marguerite expired (died) the following morning.

1. Do you believe that this case presents a legal or an ethical problem, or both?
2. What do you believe should be the criteria for a physician to use when having to choose a solution that will benefit one patient at the expense of another?
3. How can Dr. K. justify this decision when speaking to the family of Marguerite M.?
4. What options does a member of the angiography team or a caregiver for Marguerite have if he or she disagrees with this decision?

 

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