-Refer to Figure 17

question 149

Multiple Choice

-Refer to Figure 17.2.If the demand for labor decreases,then equilibrium wage will ________ and equilibrium quantity of hours will ________.

• A) rise; fall
• B) fall; fall
• C) rise; rise
• D) fall; rise

Differentiate between entrepreneurs and small business managers/owners.

Recognize the risks associated with entrepreneurship and strategies for managing them.

Understand the concept and significance of the harvest stage in a business’s lifecycle.

Analyze the importance of personality characteristics and commitment in successful entrepreneurship.

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Definitions:

Clarke Tax

A taxation mechanism designed to make individuals reveal their true valuation for a public good.

Polluters

Entities that release pollutants into the natural environment, causing pollution and environmental harm.

Pareto Optimal

The allocation of resources in a manner that doesn't allow for the enhancement of one person's condition without the deterioration of another's.

Public Good

A public good is a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.