An entrepreneur is a person who
A. organizes and manages a firm.
B. assumes the risk of a firm.
C. turns a new idea or product into a business.
D. all of the above
Answer: D
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The higher the concentration ratio is in an industry, the more likely it is that
A) the industry is perfectly competitive. B) the market share of the smallest four firms is larger. C) the market share of the largest four firms is smaller. D) the industry has an oligopoly.
A graph conveys information about a cause-and-effect relationship
a. True b. False Indicate whether the statement is true or false
What will happen to the equilibrium price of new textbooks if more students attend college, paper becomes cheaper, textbook authors accept lower royalties, and fewer used textbooks are sold?
a. Price will rise. b. Price will fall. c. Price will stay exactly the same. d. The price change will be ambiguous.
The idea that the desires of resource suppliers and producers to further their own self-interest will automatically further the public interest is known as:
A. the invisible hand. B. consumer sovereignty. C. profit maximization. D. derived demand.