Governmental rules that significantly promoted entrepreneurship first became prominent during the
A. Great Recession.
B. Age of Enlightenment.
C. Great Depression.
D. Industrial Revolution.
Answer: D
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The long-run equilibrium in a competitive market characterized by firms with identical costs is generally characterized by firms operating at efficient scale
a. True b. False Indicate whether the statement is true or false
How is marginal revenue product reflected in “winner-take-all” markets such as in the music industry?
What will be an ideal response?
If private property rights were established in the oceans, there would probably be
A. more ocean pollution. B. less ocean pollution. C. the same amount of ocean pollution that exists without private property rights in the ocean. D. more ocean voyages on cruise ships.
Assume a consumption function of the following form: C = 500 + .9Y. If income rises by $100, consumption will increase by
A) $90. B) $550. C) $590. D) $600.