What does unlimited liability mean?
A) The owners of the business are personally responsible for paying expenses incurred by the business.
B) Only employees can have a claim on the assets of the business.
C) The personal assets of the owners cannot be claimed if the business is bankrupt.
D) Anybody with a liability against a firm can claim up to three times their liability.
Answer: A
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Government purchases
A. are determined by the political process. B. are determined by suppliers. C. are determined by the public. D. are determined by taxpayers.
A monopsonist in the labor market has
A. an upward sloping labor supply curve. B. a perfectly elastic labor supply. C. an upward sloping marginal revenue product curve. D. a decreasing average variable cost.
In game theory, each player is assumed to have the following, except:
A. Alternative strategies or actions B. Alternative outcomes or results C. Alternative payoffs or earnings D. Alternative partners or co-players
Refer to the figure above. If a price control is imposed at $8, what is the gain in consumer surplus?
A) $5 B) $10 C) $15 D) $20