One example of an entrepreneur is:
a) a writer who is hired by a film studio to adapt a novel into a screenplay
b) a lawyer in a high-profile law firm that specializes in business law
c) an Olympic ice skater who later decides to join a professional ice show
d) an artist who runs a business painting murals in office buildings and restaurants
Ans: d) an artist who runs a business painting murals in office buildings and restaurants
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The real wage denotes
A) the number of units of consumption goods that can be exchanged for one unit of labor time. B) the number of units of labor time that can be exchanged for one unit of consumption goods. C) the number of units of labor time that can be exchanged for one unit of leisure time. D) the number of units of leisure time that can be exchanged for one unit of labor time.
The various ways that vertical relationships can evade regulation include
a. tying the sale of a regulated good to a customer's choice of an unregulated good b. unbundling regulated and unregulated goods c. preventing the exclusion of rival unregulated goods d. exploiting differences in tax rates across jurisdictions