Angela, Bonnie, and Carl are visiting the local paint store. Angela, owner of Angela's Artful Painting Co, is posting a Help Wanted sign because she is looking for more painters to join her crew. Bonnie, who is a sole proprietor, is placing an order for 12 gallons of green paint. Carl is a painter who is looking for a job and is reading the bulletin board in the paint shop. Who is operating in
the long run?
a. Angela only
b. Bonnie only
c. Carl only
d. Carl and Angela
e. no one is operating in the long run
E
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If the nominal rate of interest is 10.5 percent, and the inflation rate is 4.3 percent, what is the real rate of interest?
a. 3.0 percent b. 4.3 percent c. 6.2 percent d. 10.5 percent
Before the breakup of AT&T several years ago, profits on long-distance calls offset losses on basic residential service. This practice is known as
a. abuse of monopolistic power. b. cream skimming. c. cross-subsidization. d. the Ramsey rule.
Suppose the American Medical Association announces that men who shave their heads are less likely to die of heart failure. We could expect the current demand for
a. hair gel to increase. b. razors to increase. c. combs to increase. d. shampoo to increase.
The stock market crashed in the year __________.
Fill in the blank(s) with the appropriate word(s).