Why is it that only a small percentage of American firms are incorporated?
A. Corporate debt as stockholder’s liability
B. Small size of firms
C. Unlimited liability
D. Inability to outlast associated individuals
Answer: B
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The South's economy was based on production of
A. iron, steel and textiles. B. corn, wheat and soybeans. C. tobacco, cotton and rice. D. iron, wheat and cotton.
The law of diminishing returns means that marginal costs will eventually rise as a firm produces more.
Answer the following statement true (T) or false (F)
When economists say goods are scarce, they mean...
What will be an ideal response?
If an increase in the price of accordions does not change total revenue from accordion sales, we can infer that demand for accordions is inelastic.
Answer the following statement true (T) or false (F)