In colonial America, ____________ was/were especially scarce, while the supply of _______________ was plentiful

Which of the following is true for a monopolist?

A) Being the only seller in the market, the monopolist faces the market demand curve. B) Being the only seller in the market, the monopolist faces a perfectly elastic demand curve. C) Being the only seller in the market, the monopolist faces a downward-sloping demand curve that lies below the marginal revenue curve. D) Being the only seller in the market, the monopolist faces a perfectly inelastic demand curve.

Which statement is FALSE considering both advantages and disadvantages of corporations as a legal business organization?

A) Perhaps the greatest advantage of corporations is that their owners (the shareholders) enjoy limited liability—limited to the value of their shares. B) Legally the corporation continues to exist even if one or more owners cease to be owners. C) Corporations usually are not as well positioned as proprietorships and partnerships to raise large sums of financial capital. D) Separation of ownership and control is a disadvantage of the corporate structure; owners and managers may have different incentives.