_____ have no decision-making powers but can lose no more than what they have invested
a. Limited partners in a limited partnership
b. General partners in a limited partnership
c. Senior managers in a joint venture
d. Sole proprietors
A
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If a price-searcher firm can sell nine units at a price of $6, or it can sell ten units at a price of $5.75, what is the marginal revenue of the tenth unit?
a. $1 b. $3.50 c. $5.75 d. $6
Which of the following statements is true?
A. Taxing the wealthy will lead to a more efficient economy. B. Taxing the poor will lead to a more equal distribution of income. C. A basic trade-off exists between the goals of equity and efficiency for a society. D. The forces of supply and demand will automatically lead to an equitable distribution of income.
Just as the theory of the competitive firm provides a more complete understanding of supply, the theory of consumer choice provides a more complete understanding of
a. demand. b. profits. c. production possibility frontiers. d. wages.
If an inefficient public monopoly cannot provide a service at a price that sufficient numbers of people are willing to pay it:
A. must shut down and leave the industry in the long run. B. can remain in operation by covering its losses with revenue from taxes. C. will seek out more efficiencies. D. should expand operations until demand is satisfied.