Which of the following is considered to be the main disadvantage of the sole proprietorship form of business organization?
a. The proprietor and the firm are legally inseparable.
b. The proprietor has personal independence.
c. The focus of the proprietorship is on local markets.
d. The access to local and family labor promotes legal dependence.
e. The lack of a bureaucratic structure impedes growth.
A
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The growth rate of real GDP per person in the United States has
A) averaged approximately 2 percent per year over the past century. B) has consistently been 2 percent per decade over the past century. C) has been the highest in the world over the past 5 decades. D) has increased every year over the past century.
If the average total cost of producing 20 sweaters an hour falls when the firm doubles all its inputs, then the
A) short-run average total cost curve shifts upward because all inputs have increased. B) firm moves along its short-run average total cost curve. C) firm experiences economies of scale. D) long-run average cost curve shifts downward.