Alice's Restaurant is a business that is struggling to make a profit. Alice, the sole proprietor, wins the state lottery and becomes a multi-millionaire. She plans to continue to operate the restaurant because she enjoys the work. As her economist friend, the best advice you could give her would be to
a. form a corporation
b. bring in a partner
c. open a second restaurant
d. work under-the-table
e. work more hours
A
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Last year the price of corn was $3 a bushel and the quantity of corn demanded was 10 million bushels. This year the price of corn was $4.00 a bushel and the quantity demanded was 9 million bushels. Is this evidence that law of demand does not apply to
corn? A. Yes, because there is a direct relationship between the price of corn and the quantity supplied B. Yes, because there is an inverse relationship between the price of corn and the quantity demanded C. No, because the other-things-equal assumption was violated over the two year period D. No, because the evidence indicates that there is a shortage of corn
If the growth trend of labor productivity is 3 percent per year, the number of years that it will take for the standard of living to double will be about:
A. 15 years. B. 17 years. C. 20 years. D. 23 years.