By the percentage of each type of business organization in the United States, rank sole proprietorships, partnerships, and corporations in terms of the number of firms, revenue, and profits
What will be an ideal response?
In terms of the number of firms, sole proprietorships comprise 72% of U.S. businesses, corporations comprise 18%, and partnerships 10%. In terms of revenue, corporations earn 82%, partnerships 14%, and sole proprietorships 4%. In terms of profits, corporations earn 60%, partnerships 26%, and sole proprietorships 14%.
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In the linear breakeven model, a firm incurs operating losses whenever output is less than the breakeven level
a. true b. false
If the government removes a binding price floor from a market, then the price received by sellers will
a. decrease, and the quantity exchanged in the market will decrease. b. decrease, and the quantity exchanged in the market will increase. c. increase, and the quantity exchanged in the market will decrease. d. increase, and the quantity exchanged in the market will increase.
A negative externality or spillover cost (additional social cost) occurs when
A. the price of the good exceeds the marginal cost of producing it. B. the total cost of producing a good exceeds the costs borne by the producer. C. firms fail to achieve allocative efficiency. D. firms fail to achieve productive efficiency.
At the point where the demand and supply curves for a product intersect:
A. the selling price and the buying price need not be equal. B. the market may, or may not, be in equilibrium. C. the quantity that consumers want to purchase and the amount producers choose to sell are the same. D. either a shortage or a surplus of the product might exist, depending on the degree of competition.