Given a price elasticity of demand of -0.9, a decrease in price will

Out-of-pocket expenses such as wages and raw materials are

A) direct costs. B) an owner-provided capital cost. C) implicit costs. D) explicit costs.

When the government is heavily involved in the regulation of business activity, entrepreneurs will be encourage to spend more time and resources on

a. research and the development of better products. b. keeping their production costs low. c. rent seeking. d. productive activities and less on political lobbying.