In a market economy, entrepreneurs are most concerned with:
A. maximizing profits or minimizing losses.
B. increasing the wages and salaries of workers.
C. maximizing utility or satisfaction from limited incomes.
D. the selfish pursuit of money.
Answer: A
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Clothing retailers have faced greater competition in recent years as more firms have entered the clothing market. Some of the competition has come from foreign competitors, but much of it is domestic competition
As a result there is much competition in markets for many types of clothing and A) individual buyers and sellers cannot affect the market price because it is determined by the market forces of demand and supply. B) there are no other implications. C) firms have a great degree of flexibility in pricing their products because these products can be sold at a high profit level. D) there are relatively few buyers and sellers in the market, and one individual firm can determine the market price.
Along a perfectly elastic supply curve
a. the quantity supplied is always the same b. the price elasticity of demand is always the same c. the price is always the same d. the cross-price elasticity of demand is always the same e. the elasticity of supply is different at each point.
A PPF is more likely to be a downward-sloping curve that is bowed outward than a downward-sloping straight line because most resources are
A) better suited for the production of some goods than others. B) used efficiently. C) relatively cheap at low levels of output. D) used to produce consumption goods.
Many economists argue that real GDP is
A. not a good measure of economic well-being because it excludes increases in leisure time. B. a good measure of economic well-being because it includes changes in personal safety. C. a good measure of economic well-being because it includes increases in leisure time. D. not a good measure of economic well-being because it overvalues increases in leisure time.