Only corporations benefit from limited liability
Indicate whether the statement is true or false
True . Individuals in sole proprietorships and partnerships are personally responsible for debt.
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"For a perfectly competitive market, an economic profit attracts new firms. But when these firms enter the market, the price falls and the economic profit is eliminated"
Are the previous statements correct or incorrect? What is the long-run profit or loss outcome for firms in a perfectly competitive market?
Using the supply and demand equations for wheat, solve for the equilibrium price and quantity as functions of I and r
What will be an ideal response?
Most local phone companies
a. face a horizontal demand curve b. are regulated c. are called public utilities d. have tremendous economies of scale e. are natural monopolies
In a fixed exchange rate regime, which of the following policies could lead to a greater trade deficit and leave aggregate demand constant?
A) Devalue the currency. B) Increase government spending. C) Decrease government spending. D) Decrease government spending and devalue the currency. E) Increase government spending and revalue the currency.