Unlimited liability exists when
A) the profits of the firm are taxed once.
B) a firm dissolves when the owner dies.
C) a corporation exists.
D) the personal assets of the owner of a firm can be seized to pay off the firm's debts.
D
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
A local electricity-generating company has a monopoly that is protected by an entry barrier that takes the form of
A) a perfectly inelastic demand curve. B) economies of scale. C) control of a key raw material. D) network externalities.
Define the following terms completely and concisely
a. marginal revenue b. average revenue c. optimal decision d. satisficing e. marginal profit
In 2015, imports made up ________ percent of the U.S. economy.
A. 17 B. 5 C. 1 D. 14