If an economic agent's returns to entrepreneurship is greater than his opportunity cost of entrepreneurship:
A) he will always make losses if he chooses to be an entrepreneur.
B) he will most likely not choose to be an entrepreneur.
C) he will always make profits if he chooses to be an entrepreneur.
D) he will most likely choose to be an entrepreneur.
D
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A change in the price level
A) shifts the AE curve and creates a movement along the AD curve. B) creates a movement along both the AE curve and the AD curve. C) shifts the AE curve and the AD curve in opposite directions. D) creates a movement along the AE curve and shifts the AD curve. E) shifts the AE curve and the AD curve in the same direction.
Air pollution from burning fossil fuels causes damages to crops and public health. This is an example of
a. a market failure caused by an externality. b. a market failure caused by market power. c. a market failure caused by equality. d. There is no market failure in this case.