Brian is the sole proprietor owner of Long Voyage Software, which writes programs to generate maps for wilderness trips. He started the business with an initial investment of $80,000 . A faulty map caused one customer to get hopelessly lost. After her rescue and recuperation, she sued Long Voyage Software for $5,000,000 . Which of the following is true?
a. The customer can be awarded only
$80,000—what the firm has available to pay.
b. The customer can be awarded $5,000,000 . but can get only $80,000.
c. The customer can be awarded $5,000,000 . but Brian personally won't have to pay more than $80,000.
d. If $5,000,000 is awarded, Brian will have to pay none of it.
e. If $5,000,000 is awarded, Brian is personally responsible for paying all of it.
E
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Which of the following statements is the MOST accurate?
A) If PPP holds true, then the law of one price holds true for every commodity as long as the reference baskets used to reckon different countries' price levels are the same. B) If the law of one price holds true for every commodity, PPP must hold automatically. C) If the law of one price holds true for every commodity, PPP must automatically hold as long as the reference baskets used to reckon different countries' price levels are the same. D) If the law of one price does not hold true for every commodity, PPP cannot be true as long as the reference baskets used to reckon different countries' price levels are the same. E) If PPP holds true, then the law of one price must hold true automatically.
Consumers and firms are known as price takers only if
A) no market exists to determine the equilibrium price. B) they can set the market price. C) they cannot unilaterally affect the market price. D) excess demand exists.