A business which is owned by two or more people is called a
A. partnership.
B. proprietorship.
C. corporation.
D. none of these.
Answer: A
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In the long run all costs are variable costs. Why?
What will be an ideal response?
In its effort to maximize economic profit, a firm characterized as a price setter must determine:
A) only the price it should charge. B) only the quantity it should produce. C) both the price it should charge and the quantity it should produce. D) neither the price it should charge and the quantity it should produce as these are both determined by forces beyond the firm's control.
The labor supply curve for a monopsony is
A) perfectly horizontal. B) perfectly vertical. C) upward sloping but not perfectly vertical. D) downward sloping.
Which of the following acts prohibited false advertising?
a. Sherman Act b. Clayton Act c. Federal Trade Commission Act d. Celler-Kefauver Act