The major difference between partnerships and proprietorships is
a. the limit to liability
b. the opportunity to sell shares
c. the reduced cost of capital
d. shared responsibility and profit
e. tax advantages
D
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If enforcement is aimed at sellers of an illegal good, its equilibrium price will ________ and its equilibrium quantity will ________
A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease
Which of the following is not a condition of long-run equilibrium for perfectly competitive firms?
a. price is equal to marginal cost b. price is equal to minimum short-run average total cost c. price is equal to minimum long-run average cost d. price is equal to marginal revenue e. economic profit is positive
What usually prevents products with only one provider, such as natural gas, from being pure monopolies?
a. geographic isolation b. barriers to entry c. available substitutes d. direct competition
GDP equals the value added by producers of:
A. intermediate goods and services, as well as final goods and services. B. intermediate goods and services only. C. final goods and services only. D. intermediate and final goods only.