Sole proprietorships are ________ type of business
A) the most profitable
B) the least common
C) the most common
D) the least risky
Answer: C
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Refer to the figure above. What is the equilibrium quantity of credit when the credit demand curve is CD2 and the credit supply curve is CS1?
A) $40 B) $50 C) $30 D) $20
Refer to Table 9-11. Prior to trade, what was the opportunity cost to produce 1 clock in Denmark?
A) 1/6 of a hat B) 1/2 of a hat C) 2 hats D) 6 hats
Equilibrium market prices for capital and labor are $10 and $8, respectively. Then, the economy experiences one or more supply shocks, so that the marginal product of capital is $9, and the marginal product of labor is $6
Assuming that the available quantities of capital and labor are fixed, which of the following is (are) likely to decrease as the economy approaches its new equilibrium? A) economic profits B) real rental price of capital C) total output D) the quantity of capital in use E) none of the above
In the above table, if the marginal factor cost is $20, how many workers would be hired?
A) 3 B) 4 C) 5 D) 6