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1. True or False: Managers cannot expect to make successful business decisions without a clear understanding of how market forces create both opportunities and constraints for business enterprises.
2. True or False: Microeconomics develops a number of foundation concepts and optimization techniques that explain the everyday business decisions managers must routinely make in running a business.
3. True or False: The firm's management team makes many decisions about business practices or tactics in order to create the greatest possible profit for the specific business environment faced by the firm
4. True or False: Businesses produce the goods and services they sell using a variety of resources or productive inputs
5. True or False: The economic cost of using resources to produce a good or service is the opportunity cost to the owners of the firm using those resources.
6. True or False: The opportunity cost of using any kind of resource is what the owners of a business must give up to use the resource.