A________is the change in the amount offered for sale in response to the change in price.
Fill in the blank(s) with the appropriate word(s).
Ans: change in quantity supplied
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If the price of TVs produced by XYZ-TV Company falls from increases from $1,000 to $1,250 per TV set, then the:
A. supply of labor to the XYZ-TV Company decreases. B. supply of labor to the XYZ-TV Company increases. C. demand for labor by the XYZ-TV Company decreases. D. demand for labor by the XYZ-TV Company increases.
Managers will use ________ probabilities to estimate the likelihood of a successful launch of a new brand of peanut butter.
A) relative B) objective C) known D) subjective
If economic profits are zero, then the entrepreneur can go elsewhere and do better
Indicate whether the statement is true or false
A sole proprietorship is typically a relatively small business because
a. its operations must stay within state borders b. it is operated out of the proprietor's home c. there are no employees, only working family members d. there are no bank loans available for expansion e. expansion often requires a partner or conversion to another form of business organization