Which of the following is considered an advantage of a sole proprietorship?
A) easy to raise large sums of capital
B) limited liability for owner
C) profit taxed only once
D) permits effective specialization
Answer: C
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Consumer surplus
A. is the difference between the maximum price consumers are willing to pay for a product and the lower equilibrium price. B. rises as equilibrium price rises. C. is the difference between the maximum price consumers are willing to pay for a product and the minimum price producers are willing to accept. D. is the difference between the minimum price producers are willing to accept for a product and the higher equilibrium price.
The Federal Reserve System controls the money supply by ________.
A. making loans to private borrowers B. changing the amount of reserves the banking system has available C. making loans to the Treasury D. issuing currency
Since firms within a monopolistically competitive industry set output where marginal revenue is equal to marginal cost, the size of the fixed entry cost does not impact the equilibrium price.
Answer the following statement true (T) or false (F)
If player R moves first in the game in Scenario 13.14, the equilibrium will
A) not be different from what it is in the simultaneous-move scenario. B) be to R's detriment because it will not be able to react to C's choice. C) be one in which R chooses 50 and C chooses 150. D) be one in which R chooses 100 and C chooses 50. E) be one in which R chooses 150 and C chooses 50.