Entrepreneurs are important to market economies because
A) they engage in risk taking and innovation.
B) they make up a large portion of low-skilled labor.
C) they take few risks and thereby, suffer fewer bankruptcies.
D) they represent the bulk of employment at large corporations.
A
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In the IS-LM model, the implicit assumption made about aggregate supply was that the
a. aggregate supply schedule was vertical because prices were flexible. b. aggregate supply schedule was horizontal because prices were fixed. c. aggregate supply schedule was upward sloping to the right because wages and prices were fixed. d. supply of output was fixed. e. none of the above.
Resale price maintenance
A) requires a retailer to sell a good no lower than the specified price. B) is illegal. C) is the price of a maintenance contract on a good, such as an extended service contract on a car. D) has a net negative impact on competition.