Which of the following is a characteristic of entrepreneurship?
a. the ability to navigate bodies of water
b. it is produced using physical capital
c. it is used up quickly in the production process
d. it is a pre-existing resource like land
e. it is associated with risk taking and innovation
E
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How is cross-price elasticity of demand used to determine whether two goods are substitutes or complements?
What will be an ideal response?
In the long run, a monopolistically competitive firm
A) earns zero economic profit. B) produces at minimum average cost. C) operates at full capacity. D) All of the above.
Consumer surveys suggest that families with less than $500 in a bank during the last five years confidently anticipate a comfortable retirement
Indicate whether the statement is true or false
When there are fewer substitutes for a product, the ________ for the product is ________.
A. demand; more price elastic B. income elasticity; greater C. income elasticity; smaller D. demand; less price elastic