An entrepreneur
a. always makes a profit
b. generally avoids risky situations
c. claims the residual (i.e., whatever is left over) after other resource suppliers are compensated
d. is a parasite that benefits by not paying other resources for their services
e. is the manager who runs an enterprise and keeps the customers happy
C
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Explain how the decision by parents to not immunize their children, hoping that their children will not get sick because other parents have had their children immunized, is an example of free riding
How is this behavior dangerous to the public and therefore not socially optimal?
Given the data in the above table, income of $13, a price of $1 for a bottle of water and $2 for a hamburger, what is the marginal utility per dollar spent on water and on hamburgers when the consumer is in consumer equilibrium?
A) 20 units of utility per dollar spent B) 10 units of utility per dollar spent C) 5 units of utility per dollar spent D) 1 unit of utility per dollar spent