Refer to Figure 4-3. If the market price is $2.50, what is the consumer surplus on the second ice cream cone?

If an economy imposes entry barriers to entrepreneurship:

A) the opportunity cost of entrepreneurship will increase. B) the number of entrepreneurs in the economy will increase. C) the aggregate output in the economy will increase. D) the opportunity cost of entrepreneurship will decrease.

Consider a manufacturing operation that uses specialized machinery and labor to produce its output. In this case, the input that is not fixed in the short run is labor

Indicate whether the statement is true or false