A business owned and managed by a single individual:
a. cooperative
b. corporation
c. trade association
d. partnership
d. sole proprietorship
Ans: d. sole proprietorship
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Which of the following goods would have the most inelastic demand?
A) bread B) big screen TVs C) luxury cars D) ski vacations
How do oligopolistic firms that sell differentiated products determine their prices?
What will be an ideal response?
If an individual uses money from a demand deposit account to purchase a U.S. savings bond
A) M1 decreases and M2 stays the same. B) M1 stays the same and M2 increases. C) M1 stays the same and M2 stays the same. D) M1 decreases and M2 decreases.
The number of firms in a monopolistically competitive market will be smaller if
A) the market demand curve shifts rightward. B) the minimum efficient scale is lower. C) fixed costs are smaller. D) fixed costs are larger.