Suppose a consumer is willing to pay $20 for one good X, $10 for a second, and $5 for a third, and the market price is $4 . The consumer surplus is:
a. $16 b. $6.
c. $1 d. $23.
d
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In June 2008, $1 bought 0.5 pounds and in October, $1 bought 0.65 pounds. As a result of this change, ________ between June and October
A) the demand for dollars increased B) the dollar appreciated and the quantity of dollars demanded decreased C) the dollar depreciated and the quantity of dollars demanded decreased D) the demand for dollars decreased
Which of the following statements is consistent with the views of Joseph Schumpeter?
A) An economy benefits from firms having market power because these firms are more likely to be able to commit funds for research and development. B) Enforcement of antitrust laws is necessary to promote competition among firms. C) A lack of competition discourages firms from developing new technologies. D) Research and development by competitive firms is responsible for most technological changes.
Total fixed cost falls as output expands.
Answer the following statement true (T) or false (F)
Entrepreneurship
What will be an ideal response?