The owners of which type of firm have the least liability?
A. Limited partnership.
B. Proprietorship.
C. Partnership.
D. Corporation.
Answer: D
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The cost of complying with regulation
A. shifts the demand curve to the right. B. increases the products' price elasticity of demand. C. shifts the ATC curve upward. D. shifts the MC curve downward.
Monopolies arise when there are
A) many substitutes but there are no barriers to entry. B) no close substitutes and there are no barriers to entry. C) no close substitutes and there are barriers to entry. D) many substitutes and there barriers to entry. E) None of the above answers are correct because the existence of a monopoly has nothing to do with the presence or absence of barriers to entry.
The tables above give the purchases of an average consumer in a small economy. (These consumers purchase only shampoo and pizza.) Suppose 2015 is the reference base period
a) What is the cost of the CPI basket in 2015 and 2016? b) What is the CPI in 2015 and in 2016? c) What is the inflation rate between 2015 and 2016?
The Bertrand model is a more plausible model of firm behavior than the Cournot model
A) when firms set the quantity to be sold. B) when firms sell a differentiated product. C) because firms that sell a non-differentiated product typically act as price takers. D) because the Bertrand model predicts that firms will price at marginal cost.