Situation 4-1

during the winter of 1973-74, a general system of wage and price controls (including a price ceiling on gasoline) was in force in the united states. at the beginning of 1974, some oil-producing countries imposed an oil embargo (a legal prohibition on commerce) on the west. in the spring of 1974, price controls were abolished.

refer to situation 4-1. if no price controls had been in place, the effect of the oil embargo on the equilibrium price and quantity of gasoline would have been

a)an increase in both price and quantity.

b)an increase in price and a decrease in quantity.

c)a decrease in price and an increase in quantity.

d)a decrease in both price and quantity.

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Jameson manages a well-known cell phone company. this company has been voted as having the best cell-phone service. consumers appreciate the fact that they can call from almost anywhere in the world and the service still gets through. jameson knows that the company's product far surpasses that of the competition. one thing has been bothering him, though. in order to put so many resources into ensuring the best service, jameson has cut back on employees at the firm's customer call center. recently, consumers have begun complaining about long wait times when they call in with a problem or concern. although its cell phone service is still considered one of the best, customer satisfaction with the firm's customer service has plummeted. jameson does not understand why consumers are getting so upset. he believes the exceptional cell phone service more than makes up for long waiting periods and other issues with its customer service. "after all," he says, "they can't have it all. if i invest more in customer service, that means less investment on ensuring the quality of our product offering."refer to scenario. jameson has asked you, a marketing consultant, to give him advice. he cannot understand how a cell-phone company with the best product offering in the cell-phone service industry could get such low satisfaction ratings simply because the customer service is not up to par. you suggest that jameson has a narrowly defined view of the company's product offering. you tell jameson that successful marketers should define their products as what they

Costs of production that do not change when output changes.question 17 options: total revenuefixed incometotal costfixed cost