One disadvantage of a partnership is
A) limited liability.
B) lower monitoring costs.
C) difficulty raising funds.
D) it permits greater specialization.
Answer: C
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Refer to Figure 11-18. A curve that connects points A, D, and E is called
A) a total cost line. B) an expansion path. C) an indifference line. D) an input-output curve.
In the long run, firms in a monopolistically competitive market
A) usually earn positive economic profits. B) always earn monopoly profits. C) usually earn economic losses. D) earn zero economic profits.
The marginal product of any input is the
a. increase in total cost associated with a one-unit increase in production. b. change in total output associated with a $1.00 increase in total cost. c. increase in total cost resulting from the hiring of an additional worker. d. increase in total output obtained from one additional unit of that input.
What are tax loopholes and what are their effects?
What will be an ideal response?