One principal advantage of the corporations is that owners:
A. are sole proprietors.
B. are not taxed for income received.
C. have limited liability.
D. always control the company.
Answer: C
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The figure above shows the marginal social costs (MSC), marginal private benefits (MB), and marginal social benefits (MSB) of college education in Inland
If Inland's government does not intervene, and the colleges are competitive, the deadweight loss is A) zero. B) $100 million per year. C) $200 million per year. D) $300 million per year.
An industry is said to be a natural monopoly when:
A. legal barriers limit entry into the market. B. diseconomies of scale are present in the market. C. the market demand for the product supplied by a firm is inelastic. D. long-run average cost continues to decline as the quantity of output increases.
The Fed generally announces what it is doing with monetary policy in terms of a target for the:
A. discount rate. B. monetary base. C. reserve requirement. D. federal funds rate.
Producers will take external costs into account when:
A. they actually have to pay those costs. B. environmental groups apply sufficient pressure and generate negative press coverage. C. those costs are less than the benefits. D. those costs are less than the private costs.