A business structure in which every partner is liable only for his or her own activities and at least partially liable for the partnership as a whole is known as a? __________.
A. general partnership
B. corporation
C. limited liability partnership
D. sole proprietorship
E. master limited partnership
C. limited liability partnership
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The interest rate you typically earn on a deposit at a bank:
A. represents the price of your loan. B. represents the risk of investing. C. is the opportunity cost to you of lending money. D. is the opportunity cost to a bank of lending money.
At Bert's Bootery, the total cost of producing twenty pairs of boots is $400 . The marginal cost of producing the twenty-first pair of boots is $83 . We can conclude that the
a. average variable cost of 21 pairs of boots is $23. b. average total cost of 21 pairs of boots is $23. c. average total cost of 21 pairs of boots is $15.09. d. marginal cost of the 20th pair of boots is $20.
Suppose Bart's MRS for sodas with chips is 6 bags of chips per soda. Also assume that Lisa's MRS for sodas with chips is 8 bags of chips per soda. Assuming that these rates of substitution don't depend on the amounts consumed, which of the following trades would make Bart and Lisa better off?
A. Bart gives Lisa 9 bags of chips in exchange for a soda. B. Bart gives Lisa 7 bags of chips in exchange for a soda. C. Bart gives Lisa 6 bags of chips in exchange for a soda. D. None of these trades is mutually beneficial.
Because the marginal product of a variable resource at first increases and then decreases as the output of the firm is increased:
A. total cost at first increases at a decreasing rate and then increases at an increasing rate. B. total variable cost at first increases at an increasing rate and then increases at a decreasing rate. C. average total cost at first increases and then diminishes. D. average fixed cost will rise beyond the point of diminishing returns.