If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the firm's Lerner Index equals

To be a successful entrepreneur requires willingness to

a. play it safe b. borrow money c. take risks d. abandon your family

If there are an estimated 20,000 barrels of unknown reserves of oil, annual consumption of oil is 800 barrels, and it is estimated that the supply of oil will be depleted in 50 years, how many barrels of known reserves of oil are there estimated to

be, all else equal? A) 1,250 B) 16,000 C) 20,000 D) 320,000