What is an entrepreneur, and what decisions does an entrepreneur make in a market system?
What will be an ideal response?
An entrepreneur is someone who operates a business. In a market system, entrepreneurs decide what goods and services to produce and how to produce them.
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When total revenue minus total cost is equal to zero, the firm is:
a. earning above-average economic profit. b. earning a normal profit. c. losing too much money to stay in business. d. earning abnormally low profits.
Answer the following questions true (T) or false (F)
1. Externalities always arise because of a failure of transferability. 2. The capitalized value of a constant stream of $20 per year given an interest rate of 4% per year is $800. 3. The prior appropriation doctrine is a system in which individuals have rights to specific quantities of water and these right can be sold to others.