The owner(s) of a corporation
A) is the entrepreneur.
B) are the shareholders.
C) are the bondholders.
D) is the CEO.
B
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. Who values the property rights to the air more?
A) Angus B) Dudley C) They value the property rights equally. D) Neither value the property rights.
Much of the research on the minimum efficient scale suggests that for many firms, economies of scale are:
A) relatively modest. B) nonexistent. C) substantial. D) heavily dependent on the minimum efficient scale of the firm's production process.
Average costs curves later rise
a. Due to declining average fixed costs b. Due to rising average fixed costs c. Due to declining marginal costs d. Due to rising marginal costs
Which of the following is most likely to have an income elasticity greater than 1?
a. Pork b. Fine wine c. Gasoline d. Rental housing