In order to fully realize the gains from entrepreneurial innovation,
a. the government should subsidize potential entrepreneurs.
b. it must be relatively easy for people to put their ideas in motion.
c. it must be relatively difficult to continue implementing a bad idea.
d. both a and b must be true.
e. both b and c must be true.
E
Economics
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Based on the law of demand, what would you expect to happen if the price of gasoline were to rise to $8.00 per gallon?
A. There would be no impact on demand or supply. B. The quantity supplied would increase. . C. The quantity demanded would increase. D. The quantity demanded would decrease.
Economics
In the short run, a firm should shut down when
A. MR = ATC. B. MR > MC. C. P < AVC. D. P > MC.
Economics