Which of the following is an advantage of starting a new business as a partnership?
A) The owners have limited personal liability.
B) Compared to a corporation, a partnership has fewer government rules and regulations to comply with.
C) Business profits are not taxed.
D) A partnership can easily attain additional funding.
Answer: B
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In a market where the price is restricted by price floors or price ceilings,
a. all sellers will be able to sell everything they produce. b. surpluses and shortages will exist. c. all buyers will get what they want. d. disequilibrium will automatically correct itself. e. surpluses and shortages will put pressure on the price to move to its equilibrium.
Answer the following questions true (T) or false (F)
1. Necessities tend to have more inelastic demand than luxuries. 2. When there are few substitutes available for a good, demand tends to be relatively inelastic. 3. If the market for a product is narrowly defined, then there are likely to be many substitutes for the product and the demand for the product is relatively elastic.