In which types of business do owners have unlimited personal liability and in which do owners have limited personal liability?
What will be an ideal response?
Sole proprietorships and partnerships are subject to unlimited personal liability. Corporations are subject to limited personal liability.
You might also like to view...
The excess burden of taxation will _____ when the demand curve is more elastic
a. not change b. be higher c. be lower d. be zero
BBQ to Go is a large fast food restaurant chain with franchises located throughout the United States. BBQ to Go's advertising will likely focus on which of the following?
A) promoting BBQ locations in a specific state B) promoting a successful BBQ to Go location in Denver, Colorado C) promoting the benefits of eating BBQ to Go sandwiches D) promoting a struggling BBQ to Go location in Denver, Colorado
Unlike a perfectly competitive firm, a monopolistically competitive firm
A. faces a perfectly inelastic demand curve. B. can earn positive economic profit in the short run and in the long run. C. cannot earn positive economic profit even in the short run. D. does not have the same marginal revenue at every output level.
According to economist Hyman Minsky, Keynesian economics considers _____________________ as determining economic system behavior
A) ?both asset prices and output prices B) asset prices, but not output prices, C) ?output prices, but not asset prices, D) ?neither asset prices nor output prices