The entrepreneur
A. runs his or her own business and risks his or her own money.
B. does not necessarily run her or his own business nor risks her or his own money.
C. runs his or her own business, but does not necessarily risk his or her own money.
D. does not necessarily run her or his own business, but does risk her or his own money
A. runs his or her own business and risks his or her own money.
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Assume that coffee and tea are substitutes. When the price of coffee increases
A) the supply of tea increases. B) the demand for tea decreases. C) the demand for tea increases. D) the supply of tea decreases.
Which of the following will cause movement along the reserve demand schedule?
a. a change in the price level b. a change in real GDP c. a change in tax rates d. a change in interest rates
What is meant by the term "marginal change"?
What will be an ideal response?
The price elasticity of demand for bottled water in New York is -3, and the price elasticity of demand for bottled water in Florida is -0.6. In other words, demand in New York is ________ and demand in Florida is ________.
A. inelastic; elastic B. elastic; inelastic C. elastic; unit elastic D. inelastic; unit inelastic