How do the owners of a partnership relate to the business?
A) The owners and the business are separate legal entities.
B) The owners and the business are not separate legal entities.
C) The assets of the owners are considered separate from the asset of the business.
D) None of these describe the legal relationship of the owners to the business.
B
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Why does the government sometimes give monopoly power to a company by issuing a patent?
(A) The government does not want competition for the product. (B) The company pays the government for the patent. (C) The company can then profit from their research without competition. (D) The company makes a product better than anyone else's.
Other things the same, in which case is the quantity produced the highest?
a. There is one firm. b. There are two firms that successfully collude. c. There are two firms in Nash equilibrium. d. There are a very large number of firms.