Proprietorships generally have unlimited liability, whereas partnerships and corporations have limited liability
Indicate whether the statement is true or false
FALSE
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With perfect price discrimination, the level of output
A) exceeds the efficient quantity. B) is the same as the amount produced by any monopoly that price discriminates. C) is the same as the amount produced in a perfectly competitive market. D) equals the amount produced by a single-price monopoly. E) is unknown.
The failure of markets to adequately protect the environment can viewed either as a problem of
a. externalities or as a problem of common resources. b. externalities or as a problem of private goods. c. the overprovision of public goods or as a problem of the underprovision of private goods. d. club goods or as a problem that arises when the quantity of excludable goods exceeds the socially-efficient quantity.
How do modern markets differ from other economic systems in their capacity to produce “growth miracles”?
What will be an ideal response?
Figure 5-2
?
In Figure 5-2, if the aggregate demand curve shifts outward over time, the economy will
A. experience inflation. B. see a sustained decrease in the price level. C. experience a significant decrease in unemployment. D. experience economic recession.