A person who organizes and assumes the risks of a business venture is called a(n)
a. capitalist.
b. manager.
c. labor leader.
d. entrepreneur.
d. entrepreneur.
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When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs.
A) efficient central planning B) equity C) productive efficiency D) allocative efficiency
The elasticity that measures the responsiveness of consumer demand to changes in income is the:
A. neither the income elasticity, the own price elasticity, nor the cross-price elasticity. B. own price elasticity. C. cross-price elasticity. D. income elasticity.
Which of the following represents the law of supply?
A. An increase in the price of a good causes an increase in the quantity supplied of that good. B. An increase in the price of a good causes a rightward shift of the supply curve for that good. C. An increase in the price of a good causes an increase in the supply of that good. D. All of these
If a market is NOT perfectly competitive, then government intervention
A) is always justifiable. B) will usually decrease economic well-being. C) guarantees that societal well-being will be maximized. D) may increase economic well-being.