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Questions and Answers
What did the field of microeconomics primarily focus on for many years?
What did the field of microeconomics primarily focus on for many years?
- The economic principles governing consumer behavior
- The internal processes involved in production
- The relationship between firms and the outside environment (correct)
- The organizational behavior and design within firms
How were the actual processes involved in production regarded in the field of microeconomics?
How were the actual processes involved in production regarded in the field of microeconomics?
- Not regarded as an issue of economics in itself (correct)
- Viewed as the main determinant of firm success
- Treated as issues of organizational behavior
- Considered as the primary focus of microeconomics
What have economists done in recent decades regarding the understanding of activity inside the firm?
What have economists done in recent decades regarding the understanding of activity inside the firm?
- Applied and developed economic principles to better understand activity inside the firm (correct)
- Studied only the relationship between firms and the outside environment
- Ignored the internal activities of firms
- Focused solely on consumer behavior
How were the matters related to organizational behavior and design within firms treated in the past?
How were the matters related to organizational behavior and design within firms treated in the past?
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What was the traditional assumption about a firm's ability in relation to the costs associated with exchanges with the outside environment?
What was the traditional assumption about a firm's ability in relation to the costs associated with exchanges with the outside environment?
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