A competitive market economy with low barriers to entry affords an entrepreneur with
a. an environment that shields each currently successful producer from changing market conditions.
b. the opportunity to bring new and different products and services to the market.
c. little opportunity for wealth creation.
d. a static business environment.
B
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In the foreign exchange market, an increase in the supply of dollars could be the result of
A) an increase in the expected future exchange rate. B) a decrease in the U.S. interest rate differential. C) a decrease in the exchange rate. D) an increase in the exchange rate. E) an increase in the U.S. interest rate differential.
Consider a market in which each firm must predict the price and quantity decisions of other firms, as well as how those price and quantity decisions will affect the first firm's revenue and profit. This market is best described as
A) an oligopoly. B) monopolistic competition. C) a monopoly. D) perfect competition.
A $10 million open market purchase will increase the monetary base by
A) $10 million. B) $10 million times the money multiplier. C) $10 million divided by the money multiplier. D) an amount between $0 and $10 million, depending on the fraction of the purchase the public wishes to hold as currency.
An economist would refer to an oil deposit as which type of resource?
a. land b. labor c. human capital d. physical capital e. entrepreneurship