The distribution of profits among partners is determined by the
a. government's regulations
b. partnership agreement
c. financial contribution each makes to the business
d. limits of their liability
e. quantity of stock each owns
B
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Minimum efficient scale refers to the lowest level of output at which
A) the firm can earn a profit. B) average cost is minimized. C) the firm will operate. D) the average cost curve is downward sloping.
In the above figure, if d4 is the relevant demand curve for this firm, then which level of output will maximize this firm's profits or minimize its losses?
A) A B) B C) C D) D
Refer to Figure 7.2. Which of the following statements is true?
A. The curve labeled A represents the APL.
B. Curves A and B represent short-run production functions.
C. The curve labeled A represents the MPL.
D. The curve labeled B represents the MPL.
Which of the following is a determinant of supply?
A. Number of buyers. B. Consumers' income. C. Consumer tastes or preferences. D. The prices of the factors of production.