When some firms exit a monopolistic competitive industry, the demand curves of the remaining firms in the industry
A. shift to the right.
B. shift to the left.
C. do not change.
D. shift downward.
Answer: A
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A firm that engages in efficient production
A) cannot produce the same output with fewer inputs. B) could produce the same output with fewer inputs if it wanted to. C) is not interested in profit maximization. D) uses old technology to minimize costs.
Which of the following is true?
A) All of the above are true. B) The parents of successful entrepreneurs almost always have at least a college education. C) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others. D) Entrepreneurs are under-represented among millionaires.
Economists calculate profits as total revenue minus:
According to the World Bank, nearly 40 percent of the people on earth subsist on incomes of less than $3 per day.
Answer the following statement true (T) or false (F)