As large-scale production became more profitable during the Industrial Revolution, the easiest way to finance the required factories and heavy machinery was
a. sole proprietorships
b. limited liability partnerships
c. letting government take over
d. the corporate structure
e. family businesses
D
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An increase in the supply of musicians ________ the number of musicians employed, and ________ the wages paid to musicians.
A. increases; increases B. increases; decreases C. decreases; increases D. decreases; decreases
The benefits from research and development activities
A. are limited to the firms investing in similar research and development projects. B. are limited to the nation in which the research and development is taking place. C. are limited to the firm winning a patent. D. spill over to others, including foreign residents.
Use the above figure. The total profit earned by the monopolistically competitive firm is
A. +$300. B. +$15. C. $0. D. -$15.
In theory, a minimum wage should lead to unemployment, but there is no evidence of such an effect.
Answer the following statement true (T) or false (F)