Entrepreneurs are people who
A) accept ultimate responsibility for the projects they undertake.
B) are hired by others to manage business enterprises.
C) are hired by others to organize business enterprises.
D) own the resources used in the production process.
E) prefer a small chance for a large profit to a large chance for a small profit.
A) accept ultimate responsibility for the projects they undertake.
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Refer to the figure above, which shows a country's possible production possibility frontiers and indifference curves. If the country is producing at ________, then moving to ________ will cause utility to ________
A) point c; point b; remain unchanged B) point a; point b; increase C) point c; point b; increase D) point c; point b; decrease E) point a; point c; remain unchanged
Regulating natural monopolies according to the "rate of return" criterion is likely to
a. reduce the incentive of firms to minimize cost. b. result in a smaller quantity of output than when the natural monopolist is unregulated. c. discourage the firms from investing resources in an effort to influence the decisions of the regulatory agency. d. increase the number of firms in the industry.