Owners have limited liability for debt
What will be an ideal response?
an advantage of a corporation is that
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In order for a price ceiling to have an effect on the market, must it be set above or below the equilibrium price? Why?
What will be an ideal response?
The maintenance of a framework of security and order through the establishment and enforcement of rules under which people can interact peacefully with one another and be secure in their person and property is known as the
a. productive function of government. b. protective function of government. c. transfer function of government. d. illegitimate function of government.
The term equilibrium refers to the point where:
A. buyers and sellers "agree" on the quantity of a good they are willing to exchange at all prices. B. quantity supplied equals quantity demanded. C. every buyer and seller achieves their best possible outcome. D. the supply curve and demand curve do not intersect.
Which of the following statements best represents the attitude of a consumer with a very inelastic demand toward various brands of coffee?
A. "All the brands are exactly the same. I always buy the cheapest." B. "Coffee is coffee; one brand is as good as the rest." C. "My brand is so superior to the rest of the brands that I'm willing to pay a bit more for it." D. "With my limited budget my favorite brand is usually the 'what's on sale' brand."