When marginal cost is greater than average cost, average cost decreases as output increases

Entrepreneurs obtain control over the resources employed in the projects they undertake by

A) acquiring ownership through investment of their own funds. B) borrowing funds with which to purchase the resources. C) floating new issues of stock or bonds. D) offering credible guarantees to owners of resources. E) reinvesting the profits from previous successful projects.

How did laborers benefit from World War I (1914–18)?

(a) Their nominal take-home pay rose more than prices increased. (b) They were placed in military jobs that paid wages higher than private sector jobs. (c) High-paying jobs in the private sector were created to support the war effort. (d) Real GNP and national income fell during and shortly after the war.