An industrious franchisee will
a. Always be outbid by lazy ones for the right to run a franchised restaurant
b. Always outbid the lazy ones for the right to run a franchised restaurant
c. Never outbid the lazy ones for the right to run a franchised restaurant
d. None of the above
b
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Demand is price inelastic if a relatively ________ price increase leads to a relatively ________ in the quantity demanded
A) large; small increase B) small; large decrease C) large; small decrease D) small; large increase
The owner of a perfectly competitive firm that is earning economic losses in the short run
A) should alter the rate of output in order to increase profitability. B) should cut his own salary in order to reach the break-even point. C) is actually losing more than he thinks because not all of the implicit costs have been considered. D) is earning less than he would if he worked for someone else.