The possible double taxation of income is a disadvantage for
A) sole proprietorships and partnerships.
B) partnerships and corporations.
C) sole proprietorships and corporations
D) corporations.
Answer: D
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If a firm expects that the price of its product will be lower in the future than it is today
A) the firm has an incentive to decrease supply now and increase supply in the future. B) the firm will not change supply until it knows for certain what will happen to its price. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. D) the firm has an incentive to increase supply now and decrease supply in the future.
Define the following terms and explain their importance to the study of economics
a. public good b. externality c. irreversible decision d. moral hazard e. rent seeking