Before his death in 2011, Steve Jobs made billions of dollars as a tremendously successful:
A. Inventor of new stuff
B. Entrepreneur and innovator
C. Manager of a large corporation
D. Investor in various corporate stocks
B. Entrepreneur and innovator
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When the amount of sales is small, but each sale has a high value, cheating on a cartel arrangement can significantly increase an individual firm's profits
a. True b. False Indicate whether the statement is true or false
Which of the following is true under monopolistic competition in the short run?
A. P > MC. B. Profits are always zero. C. P = MR. D. All of the choices are true in monopolistic competition.
You are responsible for purchasing 25 used cars for your company. Star Brand cars costs $7,500 and Diamond Brand cars cost $6,000. Based on experience, you believe that 20% of Star Brand cars are lemons (low quality) while 40% of Diamond Brand cars are lemons (low quality). You are willing to pay $5,000 for a known lemon and $12,000 for a known plum. Which brand do you purchase?
A. Star B. Diamond C. You are indifferent between brands. D. You don't buy either brand.
If the price of monthly satellite TV service increases from $50 to $60, the percentage change (using the average value (or the midpoint ) is:
A. 18.2% B. 16.7% C. 10% D. 60%