An example of an entrepreneur would be
A) the owner of a new Indian food restaurant.
B) the cafeteria employee who won the employee of the month award.
C) a Greyhound bus driver.
D) the cashier at your local supermarket.
A
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When adult children return to their parents' home to live, it is called:
a. Boomeranging b. Cocooning c. Burnout d. Adaptation
If a good has unitary price elasticity of demand, then the absolute value of the percentage change in
A. quantity exactly equals one. B. price exactly equals one. C. the quantity demanded equals the absolute value of the corresponding percentage change in price. D. quantity demanded and the absolute value of the corresponding percentage change in price both equal one-half and total one.
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, what were the economic incentives for producers?
a. to produce good quality products so that society would benefit from the resources used b. to conserve on costs, so as to maintain efficiency in the economy c. to produce enough to meet the output target, without regard for quality or cost d. to produce those products that society desires most
Excess capacity refers to the:
A. amount by which actual production falls short of the minimum ATC output. B. fact that entry barriers artificially reduce the number of firms in an industry. C. differential between price and marginal costs that characterizes monopolistically competitive firms. D. fact that most monopolistically competitive firms encounter diseconomies of scale.