Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. If this farmer maximizes profits, his average total cost will be
A. $7.
B. $9.
C. $11.
D. $15.
Answer: C
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Which of the following occur in the real world?
a. Neither market failures nor government failures b. Government failures but not market failures c. Market failures but not government failures d. Both market failures and government failures
The figure illustrates the market for pens. The equilibrium quantity is
A) between 400 and 600 pens, but it is impossible to be precise. B) 5 pens a month. C) 2 pens a month. D) 500 pens a month.
What is the primary difference between a sole proprietorship and a partnership?
A) Partnerships have more owners than do proprietorships. B) Partnerships can issue stocks and bonds while proprietorships cannot. C) Proprietorships have unlimited liability while partnerships have limited liability. D) There is no real difference between the two types of firms.
Assume you and your best friend set up a partnership and your lawyer tells you that as the owners, you could each stand to lose your personal wealth if the business goes bankrupt. This means a partnership
A) faces limited liability. B) has little chance of succeeding. C) faces unlimited liability. D) is not a good type of business to set up.