Define a sole proprietorship
What will be an ideal response?
A sole proprietorship is a firm owned by one person and not organized as a corporation.
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In a duopoly with homogeneous products, the best response of a firm is to charge a lower price than its rival as long as ________
A) the rival's price is above marginal cost B) the rival's price is below marginal cost C) the rival's price is above average cost D) the rival's price is below average cost
Which of the following industries would be considered to have a labor intensive production process?
A. Building a road. B. Driving a truck. C. Printing a novel D. Farming in a poor country
In the short run, the additional output that results from hiring an additional unit of a variable input is the
A. average product. B. marginal cost. C. marginal product. D. average variable cost.
Refer to Table 20-2. Assume the market basket for the consumer price index has two products—bread and milk—with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 118. B) 116. C) 86. D) 85.