1. Which of the following markets is characterized by thefollowing: many buyers and sellers, a homogeneous product, easyentry into and exit from the industry, and all firms are pricetakers?
a.oligopoly
b.monopoly
c.monopolistic competition
d.perfectly competitive market
2.
The measure of how well a product meets its requirements orspecifications is called:
a.Quality of design
b.Service quality
c.Quality of conformance
d.Taguchi quality loss function
3.
Assume that an investment of $100,000 produces a net cash flowof $60,000 per year for two years. The discount factor for year 1is 0.89 and for year 2 is 0.80. The NPV is
a.$6,800
b.$0
c.($4,000)
d.$1,400