MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 12, Problem 14QE
To determine

Explain whether entrepreneurs are motivated by opportunities to sell the goods or not.

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What do we know about non-profit firms? Multiple Choice They don't need to worry about creating an inelastic demand curve. Since they are not profit driven, they don't need to follow the rules of microeconomics. They are all hostile against capitalism and free market concept. None of the choices are correct.
Which of the following qualities describe entrepreneurs? Choose one answer. Innovators Risk takers Creators of improved products All of the above.
Family Mart like inner city grocery stores, sometimes exist even though they do not earn economic profits. How can you explain this? It is clear that businesses operate in the short run, but do they ever operate in the long run? Discuss. What are the different type of costs incurred in the short run and in the long run?
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