You are an entrepreneur with an innovative idea for a new buisness. In which kind of economy would you have the most opportunity to try to achive success?
a) market economy
b) command economy
c) traditional economy
d) economy for sale
Ans: a) market economy
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Last year there were 6 pizza shops in town. This year there are only 4. Other things being equal, the decrease in the number of suppliers will
A) cause the market supply curve to shift to the right. B) increase the market demand for pizza. C) cause a decrease in the quantity supplied at each price. D) have no impact on market supply as long as the demand for pizza remains strong.
A stock is a measure defined:
A. in real terms. B. at a point in time. C. per unit of time. D. in nominal terms.
Assuming pure competition, which of the following are equivalents?
A. MRP L /P L = MRP C /P C and P x = 1/MC. B. MRP L /P L = MRP C /P C and P x = AVC. C. P x = MC and MRP L /P L = MRP C /P C = 1. D. P x = MC and MP L /P L = MP C /P C
Total revenues reach a maximum when
A) demand is elastic. B) demand is inelastic. C) demand is unit-elastic. D) price elasticity is at a minimum.