As a form of business, a sole proprietorship
A) cannot issue stock.
B) has limited liability.
C) has the most government rules and regulations affecting it.
D) has more than one owner.
A
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The law of comparative advantage implies that a doctor who is also a talented auto mechanic should
A. get a part-time job at a gas station. B. do his or her own auto repairs and those of his or her neighbors. C. hire a professional mechanic to repair his or her car. D. only repair the cars of other doctors.
A perfectly discriminating monopolist converts every dollar of producer surplus into economic profit
a. True b. False
If you presently have $50,000 saved and earn 15 percent interest per year, about how many years will it take for your investment to triple?
a. 6 b. 8 c. 10 d. 12
What is the most likely response by rivals when an oligopolist cuts its price to increase its sales?
A. Raise their prices. B. Cut their prices. C. Ignore the change. D. Reduce their costs.