The main disadvantage to organizing a business as a proprietorship is
A) its complex management structure.
B) limited liability.
C) unlimited liability.
D) that economic profit cannot be maximized.
C
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People come to expect that the price of a gallon of gasoline will rise next week. As a result,
A) today's demand for gasoline and today's supply of gasoline do not change. B) next week's supply of gasoline decreases. C) the price of a gallon of gasoline falls today. D) today's supply of gasoline increases. E) today's demand for gasoline increases.
Suppose the current price of a pound of steak is $12 per pound and the equilibrium price is $9 per pound. In this case, there is a
A) surplus, so the price falls and quantity supplied increases. B) surplus, so the price rises and quantity demanded increases. C) shortage, so the price rises and quantity demanded decreases. D) shortage, so the price falls and quantity demanded increases. E) surplus, so the price falls and quantity demanded increases.