Generally, microeconomics
A) has little to say about the entrepreneur
B) says a good bit about the entrepreneur.
C) equates the entrepreneur and the manager.
D) equates management and shareholders.
A
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If a local ready-mix cement company is the only producer of cement in the local market, the monopoly power of the firm will
a. be small if entry barriers into the local market are high. b. depend on how many other sellers of similar products there are in the national market. c. be total since there are not any other sellers of the same product in the local market. d. be minimal if the entry barriers restricting competition from other firms are low.
Coal is considered to be a non-renewable energy source. Which of the following statements is correct?
a. Coal is an unlimited resource. b. Coal is a scarce resource. c. Coal is a non-scarce resource. d. Coal is not a resource.
A profit-maximizing firm in a competitive market will earn zero accounting profits in the long run
a. True b. False Indicate whether the statement is true or false
Given AD1 and AS1, if the average price level in Figure 8.3 were at P3,
A. The equilibrium price level would be P3. B. The aggregate quantity demanded would exceed the aggregate quantity supplied. C. A surplus would exist initially. D. The average price level would rise.