A firm owned by two or more persons who each bear the responsibilities and unlimited liabilities of the firm is a(n)
a. corporation
b. sole proprietorship
c. organization that is disallowed under current IRS rules
d. partnership
e. multinational
D
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What do economists mean when they say that capital can labor can be both complementary inputs and substitutes
What will be an ideal response?
The demand for medical care has increased over recent decades because real U.S. income has ______.
a. decreased b. stagnated c. increased d. fluctuated
During the Reagan administration, the Laffer curve was used to argue that:
A. the supply-side effects of tax cuts are relatively small. B. discretionary tax cuts are unwise because they create stagflation. C. lower income tax rates could increase tax revenues. D. a "flat tax" would simplify the tax code and stimulate economic growth.
If a monopolist raises its price
A) it raises the barriers to entry. B) the quantity demanded increases. C) the quantity demanded remains the same. D) the quantity demanded decreases.