Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost?

Steady-state consumption per worker is

A) larger in the short run than in the long run. B) less than steady-state investment per worker. C) less than steady-state saving per worker. D) steady-state production per worker minus steady state investment per worker.

Which of the following best describes an entrepreneur?

a. A person who combines the factors of production to produce innovative products. b. A special type of capital. c. Wealthy individuals who provide savings that stimulate the economy. d. A person who works as an office clerk at a major corporation.