In order to be successful in a market economy, entrepreneurs must
A) produce a good that consumers value less than the resources used to produce it.
B) combine resources in a manner that increases their value.
C) produce anything that consumers value, regardless of cost.
D) use only personal financial capital so they can avoid interest payments on borrowed funds.
B) combine resources in a manner that increases their value.
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Perfectly elastic demand curves are vertical.
Answer the following statement true (T) or false (F)
For the tragedy of the commons to occur, property rights must be clearly defined and enforced
Indicate whether the statement is true or false
________ was the main cause of weakening of the U.S. dollar between August 2007 and July 2008
A) Easing of monetary policy in the U.S. B) An increase in the expected value of the dollar C) Rising energy prices D) A surge in exports from China to the U.S.
The entry of new firms into a monopolistically competitive market makes the demand curves for the existing firms more elastic
Indicate whether the statement is true or false