Which of the following is the best definition of economics?
a. Economics is the study of how society chooses to allocate its scarce resources.
b. Economics is the study of how to manage city and county government to generate the greatest good to its citizens.
c. Economics is the study of how to manage corporations to generate the greatest return on shareholder investment.
d. Economics is the study of how to track revenues and costs within a business.
a
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Compared to a firm under perfect competition, a monopolist:
A) charges less and produces less. B) charges less and produces more. C) charges more and produces less. D) charges more and produces more.
All of the following are characteristics of a proprietorship EXCEPT
A) the business is owned by one individual. B) one person is responsible for all the debts of the firm. C) one person gets all of the profits. D) the firm can form a corporation to protect itself against the debts.