According to your authors, entrepreneurial innovation is similar to arbitrage because both activities ultimately involve
A) obtaining inputs at relatively high prices and selling the output at lower prices.
B) obtaining inputs at relatively low prices and selling the output at higher prices.
C) the absence of uncertainty.
D) the presence of perfect and complete information.
B
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An organization that is structured along a set of autonomous divisions led by a corporate headquarters office is called
A) M-form. B) U-form. C) T-form. D) a matrix.
A tax is imposed on orange juice. Consumers will bear the full burden of this tax if the: a. price elasticity of demand for orange juice equals 1.0. b. demand for orange juice is perfectly elastic
c. demand for orange juice is unit elastic. d. demand curve for orange juice is perfectly inelastic.
Currently an economy is producing at a point on its production possibilities frontier for goods X and Y. It is producing 100 units of good X and the opportunity cost of producing 1X is 3Y. If good X is produced at increasing opportunity costs, then when the economy produces 120 units of good X (on the same PPF) the opportunity cost of producing 1X could be ______Y.
What will be an ideal response?
Which of the following equations is CORRECT?
A. accounting profit = total revenue - (explicit costs + implicit costs) B. economic profit = accounting profit - explicit costs C. normal profit = accounting profit + economic profit D. economic profit = accounting profit - implicit costs