Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one disadvantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would face unlimited liability.
B) As a sole proprietor, Torrie would be subject to significant rules and regulations.
C) As a sole proprietor, Torrie would be taxed twice.
D) As a sole proprietor, Torrie would not have control of the business.
A
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The greater the availability of close substitutes for a product, the greater the price elasticity of demand for that product
a. True b. False
Assume that due to unfavorable conditions in a prime honey-producing area, the price of honey increases by 50 percent. The quantity consumed of herbal tea declines immediately by 25 percent. Everything else held constant, the:
a. cross-price elasticity of demand for herbal tea and honey is negative, and therefore the two goods are substitutes. b. cross-price elasticity of demand for herbal tea and honey is negative, and therefore the two goods are complements. c. cross-price elasticity of demand for herbal tea and honey is positive, and therefore the two goods are substitutes. d. cross-price elasticity of demand for herbal tea and honey is positive, and therefore the two goods are complements. e. cross-price elasticity of demand cannot be determined from the information provided.