Partners usually draw up legal papers called articles of partnership
What will be an ideal response?
in a general partnership
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Firms in perfect competition are price takers because:
a. all small firms must take the price set by the largest firm in the market b. firms take the price that government determines is a "fair" price c. each firm is too small relative to the market to be able to influence price d. free entry and exit in the short run creates a constant market price in the long run e. high barriers to entry force firms to compete by charging lower prices than other firms in the industry
The gains to monopolists from exercising market power:
A. exceed the losses to consumers in monopoly markets, resulting in a net gain to society. B. equal the losses to consumers in monopoly markets, resulting in no net change for society. C. are less than the losses to consumers in monopoly markets, resulting in a net loss to society. D. create smaller deadweight losses than occur in purely competitive industries.
Answer the following questions true (T) or false (F)
1. In reality, the Fed is unable to use monetary policy to keep real GDP exactly at its potential level. 2. The Fed can use contractionary monetary policy in an attempt to keep inflation from increasing. 3. The Fed can use expansionary monetary policy to lower interest rates to stimulate aggregate demand.
A 2 percent wage increase for teachers or police officers
A. is usually offset by higher output per worker. B. leads to increases in municipal budgets. C. indicates that teachers and police have become more selfish. D. leads to more personalized service.