A carefully written partnership agreement can maximize the advantages of the partnership structure and minimize the potential disadvantages. Which of the following points will help in writing an effective partnership? agreement?
A. A partnership agreement should strictly follow only the state? laws, as they will drive the business.
B. Incorporate a broad and general understanding of what the business association will be to allow for flexibility.
C. A great personal partnership cannot get in the way of a successful business partnership.
D. Address the hopes of each? owner, decision-making? strategies, and succession and exit strategies.
E. ?Dispute-resolution procedures should be? avoided, as they apply to corporations.
D. Address the hopes of each? owner, decision-making? strategies, and succession and exit strategies.
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Suppose that the United States has an absolute advantage over Mexico in producing both agricultural and manufactured goods. In the U. S., the opportunity cost of 1 unit of agricultural output is 2 units of manufactured goods. In Mexico, the opportunity cost of 1 unit of agricultural output is 1.5 units of manufactured goods. Total production in the U. S. and Mexico will be maximized if
a. the U. S. specializes in both types of output b. Mexico specializes in both types of output c. the U. S. specializes in agricultural goods and Mexico specializes in manufactured goods d. the U. S. specializes in manufactured goods and Mexico specializes in agricultural goods e. each country achieves self-sufficiency
Firms in a perfectly competitive market produce at minimum average cost in the short run and the long run
a. True b. False Indicate whether the statement is true or false