The main disadvantage to organizing a business as a proprietorship is
A) its complex management structure.
B) limited liability.
C) unlimited liability.
D) that economic profit cannot be maximized.
C
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Answer the following statements true (T) or false (F)
1. Probably the main characteristic of a demand curve is that it slopes upward from left to right. 2. Typically, the higher the price of a commodity, the greater the quantity supplied. 3. Price ceilings usually create surpluses since supply is increased. 4. Price floors can create surpluses if price floors are above market prices. 5. Price elasticity of demand is a measure of consumer responsiveness to a change in price.
In the Sunday newspaper, there are usually coupons that you can clip and take to the store to save money on products. Anyone can buy a newspaper, and the value of the coupons easily exceeds the price of the newspaper for most consumers
Is this an example of price discrimination? Explain.
Perfectly competitive markets are efficient because
A) they always reach equilibrium. B) firms in the market are price takers. C) the cost to society for producing the goods is exactly equal to the value that society places on the good. D) the long run equilibrium assures that the prices of resources will not increase.
The Dodd-Frank Wall Street Reform and Consumer Protection Act gives the Federal Reserve the authority to establish a reserve requirement for all financial institutions
a. True b. False Indicate whether the statement is true or false