Societies in which _____ produce more entrepreneurs
a. the ratio of immigrants to the local population is high
b. culture supports individual achievements
c. individuals are self-interested
d. immigrants are allowed to hold government positions
e. immigrants are more intelligent than the local population
b
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A labor-leisure budget constraint is represented on a graph as a: a. horizontal line
b. vertical line. c. downward-sloping straight line. d. upward-sloping straight line.
In the long run, a firm in a perfectly competitive market operates
a. at its efficient scale, and a monopolistically competitive firm operates at its efficient scale. b. at its efficient scale, and a monopolistically competitive firm operates with excess capacity. c. with excess capacity, and a monopolistically competitive firm operates with excess capacity. d. with excess capacity, and a monopolistically competitive firm operates at its efficient scale.