Because resources are scarce relative to wants, the study of economics concerns
A) how money is important to people.
B) how individuals, businesses, and governments make choices.
C) how money is used to buy what people want.
D) None of the above are correct.
B
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In many corporations, the managers of the corporation run the corporation, although the shareholders own the corporation. In this situation,
A) there is separation of ownership from control. B) there are no outside directors on the board of directors. C) there is no corporate governance. D) there are no inside directors on the board of directors.
Answer the following questions true (T) or false (F)
1. If a monopolistically competitive firm breaks even, the firm is earning as much in this industry as it could in any other comparable industry. 2. A monopolistically competitive firm that earns economic profits in the short run will be able to expand its market share even if the market size remains constant. 3. A monopolistically competitive firm that earns economic profits in the short run will face a more elastic demand curve in the long run.