Owners may have little to do with the management of the firm in the case of
A) partnerships.
B) corporations.
C) proprietorships.
D) either corporations or proprietorships.
B
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When _____, we are at the optimal amount of pollution
a. pollution is at zero b. pollution is equal to the amount produced in an unregulated market c. the total cost of pollution is equal to the total cost of pollution abatement d. the marginal cost of pollution is equal to the marginal cost of pollution abatement
A pure monopolist:
A. will realize an economic profit if price exceeds ATC at the profit-maximizing/loss-minimizing level of output. B. will realize an economic profit if ATC exceeds MR at the profit-maximizing/loss-minimizing level of output. C. will realize an economic loss if MC intersects the downsloping portion of MR. D. always realizes an economic profit.
Hurricane Katrina damaged a large portion of oil refining and pipeline capacity in the Gulf coast states. In the market for gasoline
A) the demand curve shifted to the left resulting in a decrease in the equilibrium price. B) the supply curve shifted to the left resulting in an increase in the equilibrium price. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. D) the supply curve shifted to the right resulting in an increase in the equilibrium price.
Price discrimination is the practice of
A) charging different prices for the same good when the price differences arise because of differences in cost. B) charging different prices for the same good when the price differences are not due to differences in cost. C) charging higher prices for brand-named goods and lower prices for generic versions of the goods. D) charging different prices for different qualities of a product.