Which of the following describes the role of an entrepreneur?
a. encourages an action by increasing its benefits or reducing its costs
b. combines resources of labor, land, and capital to produce goods and services
c. dominates a market and excludes others from participating in exchange
d. holds the power to control prices, lower unemployment, or reduce inflation
b. combines resources of labor, land, and capital to produce goods and services
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Which of the following is true?
a. More than half of medical bills are paid for directly by consumers. b. Healthcare insurance provided by one's employer is counted as personal income. c. State mandated coverage of medical procedures like in-vitro fertilization, drug rehabilitation, and acupuncture, make health insurance more affordable. d. Regulations prevent consumers from purchasing a health insurance plan offered in another state.
The cost of servicing the debt may increase if
A. Interest rates rise. B. Deficits become smaller. C. The debt shrinks. D. The debt is held internally.
Which condition is the Nash equilibrium for this scenario?
a. Each firm charges $9.
b. Each firm charges $10.
c. Firm A charges $10 while Firm B charges $9.
d. Firm B charges $10 while Firm A charges $9.
In long-run equilibrium with trade, losses from import competition will force some firms to ______________, increasing demand for the remaining firms' output, which will then cause their demand curves to become ______________, due to the increased variety of products from _______________.
a. raise prices; steeper; new firms entering the industry b. leave the industry; flatter; foreign firms c. lower prices; more inelastic; new firms entering the industry d. lay off workers; more elastic; the research and development departments in firms