A firm where owners are usually not managers and not personally liable for the firm's debts is a
A) sole proprietorship.
B) general partnership.
C) corporation.
D) None of above.
C
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. The effect of the import quota on domestic price and domestic consumption is
A. the same as that of a tariff of Pa?Pt. B. the same as that of a tariff of Pt?Pc. C. to raise price higher and lower consumption further than a tariff of Pt?Pc. D. the same as that of a tariff of Pa?Pc.
Prices of industrial products and wages tend to be the most "flexible."
Indicate whether the statement is true or false
Linda Evangelista, a supermodel, once said that she "won't get out of bed for less than $10,000 a day." This fee is an example of
A) a reservation wage. B) the demand for Linda's labor. C) a competitive labor market. D) the substitution effect.
In the long-run, firms in a monopolistically competitive industry will
a. earn substantial economic profits b. tend to just cover costs, including normal profits c. seek to increase the scale of operations d. seek to reduce the scale of operations