An entrepreneur is a(n):
A. individual who has much education.
B. organizer who seeks profitable opportunities and is willing to accept risks.
C. business organization that uses inputs to produce output.
D. depot or warehouse for commercial products.
Answer: B
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When the number of substitutes increase, the demand curve for a monopolist will
A) not change. B) become more elastic. C) become more inelastic. D) become steeper.
The Laffer curve shows the relationship between tax
a. revenue and tax rates b. revenue and take-home pay c. revenue and government spending d. rates and take-home pay e. rates and government spending
A recession will occur if an economy's actual GDP ____ its potential GDP
a. rises above b. equals c. falls below d. grows faster than
It has been argued that in the long run monopolistic competition is inefficient because
A. minimum average total costs are not achieved and marginal cost exceeds price. B. minimum average total costs are achieved but price exceeds marginal cost. C. there are few many firms, each with excess capacity, producing too much output. D. there are too many firms, each with excess capacity, producing too little output.