A proprietorship is
A) a business with annual sales of less than $50,000 a year.
B) a business owned by one individual that employs 10 or fewer workers, and has been in business less than 15 years.
C) a business owned by one individual who receives the profits and is legally responsible for the debts of the firm.
D) a form of business in which the stock of the company is closely held by members of one family.
Answer: C
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The goal of a seller is primarily to:
A) maximize sales. B) maximize profits. C) minimize costs. D) minimize consumer surplus.
The above figure shows the demand curve for dollars in the yen/dollar exchange market. A movement from point A to point B means that the
A) quantity supplied of dollars has increased. B) quantity demanded of dollars has increased. C) quantity demanded of dollars has decreased. D) quantity demanded of yen has decreased.
The per-worker production function relates output per worker
A) to capital per worker. B) to the participation rate. C) to production per worker. D) in different countries.
The current price floor in the agricultural lettuce market makes it such that price of lettuce is 25% higher than equilibrium price and 100 heads of lettuce are demanded
Assuming that the elasticity of demand for lettuce is -0.50, what would be the equilibrium price and quantity of lettuce if the government removed the current price floor? A) Price = 0.875, Quantity = 125 B) Price = 1, Quantity = 112.5 C) Price = $0.75, Quantity = 112.5 D) Price = $0.75, Quantity = 125