If the quantities in the demand schedule in the table above were reduced by 2 units at each price, you would conclude that
A. demand increased.
B. demand decreased.
C. the demand curve shifted to the right.
D. both demand increased and the demand curve shifted to the right.
B. demand decreased.
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When the rate of interest is 10 percent, the present value of $100 payable in two years is approximately
A) $80. B) $83. C) $100. D) $110.
A firm chooses vertical integration to reduce all of the following costs, EXCEPT:
a. the cost of investing in diversified assets. b. the cost of finding a trading partner. c. the cost of devising and enforcing an agreement. d. the cost of evaluating the other party's performance.
A monopolist should shut down in the short run if
a. price is less than average variable cost b. price is greater than average total cost c. marginal revenue equals marginal cost d. marginal revenue is less than marginal cost e. price exceeds average fixed cost
Entrepreneurship functions better when
A. a system of private property rights permits entrepreneurs to capture the rewards from their entrepreneurial activities. B. patent laws are not strongly enforced since they make imitation difficult. C. government provides technical support to entrepreneurs. D. universities provide research that is closely interrelated with the entrepreneurial activities.