Unlimited liability applies
a. to partnerships and sole proprietorships
b. only to partnerships
c. only to sole proprietorships
d. only to corporations
e. to corporations and partnerships
A
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Refer to the figure above. If the average cost faced by the monopolist when it produces and sells the optimal output is $4, ________
A) it makes a loss of $60 B) it makes a loss of $120 C) it makes a profit of $60 D) it makes a profit of $90
Americans spend more on goods produced in China than Chinese citizens spend on goods produced in the United States
a. True b. False
Estimates of the compensating wage differentials associated with particular job characteristics are valid only if
A. firms are willing to pay higher wages to more skilled workers. B. nonwage characteristics of the job are allowed to vary by sector. C. the firm provides nonpecuniary compensation for risks that workers encounter on the job. D. the compensating wage differential is positive. E. all other factors that influence worker's wages are held constant.
What is a surplus? What is a shortage?
What will be an ideal response?