A proprietorship is
A) two or more individuals in business together.
B) a corporation that is taxed like an individual.
C) a business owned by one individual who makes all of the decisions.
D) a government-owned franchise.
C
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Increases in investment exceed increases in output because of the multiplier effect
Indicate whether the statement is true or false
Peter's Pencils is a perfectly competitive company producing pencils. Suppose Peter is producing 1,000 pencils an hour. If the total cost of 1,000 pencils is $500, the market price per pencil is $2, and the marginal cost is $2, then Peter
A) makes an economic profit because marginal revenue is equal to marginal cost at this output level. B) should decrease his output to increase his profit. C) is maximizing his profit and is making an economic profit. D) should increase his output to increase his profit. E) is not maximizing his profit but is making zero economic profit anyway.
Using the figure above, suppose education is provided by public colleges. At what level should tuition be set to ensure the efficient number of students?
A) $10,000 B) $5,000 C) $20,000 D) $25,000 E) $15,000
A collusive agreement between two duopolists is similar to the prisoners' dilemma because in both games
A) the best outcome is always achieved. B) each players strategy depends on what the other player does. C) the Nash equilibrium is not the best outcome for the players. D) All of the above answers are correct.