Which of the following is not a main function of the entrepreneur?
A. to innovate
B. to assume the risk of economic losses
C. to make strategic business decisions
D. to make routine pricing decisions
Answer: D
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If supply is price-inelastic and demand is price-elastic, then the firm can earn positive profits by increasing the price
a. True b. False Indicate whether the statement is true or false
When the method used to collect a sample biases any conclusions that might be drawn from it, the sample is said to have a selection bias
Indicate whether the statement is true or false
The circular flow of income shows
A. the dollar value of output is exactly equal to the total income. B. the dollar value of output is more or less than the total income, depending on whether profits are positive or negative. C. the dollar value of output is less than the total income. D. the dollar value of output is more than the total income because of the existence of profits.
Assume that you own a small boutique hotel. In an attempt to raise revenue, you reduce your rates by 20 percent. However, your revenue falls. What does this indicate about the demand for your boutique hotel rooms?
A) Boutique hotel rooms are inferior goods. B) Demand is inelastic. C) The demand curve for your hotel rooms is vertical. D) Demand is elastic.