If someone has a high willingness to take on situations with risk, he is considered:
A. low-risk.
B. high-compensation.
C. risk-seeking.
D. risk-averse.
Answer: C
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If some monopolistically competitive firms exit their market after suffering short-run losses, the demand curves of remaining firms will shift to the right
Indicate whether the statement is true or false
If a hospital is experiencing economies of scale,
a. its average cost curve is positively sloped as output increases. b. its average cost curve is negatively sloped as output increases. c. it should reduce its output level to lower costs. d. quality is falling as output is rising. e. both b and c are true.
If total spending is less than the value of total output, firms
a. may decide to cut prices. b. may increase production levels. c. will tend to raise prices. d. will notice inventories falling.
In a simple lawn-mowing business where you have a push mower and labor as input, what would be the impact on output of adding an additional input in the form of a gas self-propelled mower (capital)?
A. Labor would decrease. B. Output would decrease. C. Output would remain the same. D. Output would increase.