Depreciation of the U.S. dollar will shift the AD curve leftward

The figure above could represent the long-run equilibrium for a

A) perfectly competitive firm. B) monopolistically competitive firm. C) monopoly. D) firm facing inelastic demand at all outputs.

The concept of limited liability

A) does not apply to a corporation. B) means that the owners of a corporation have liability limited to the value of the shares in the firm. C) means that owners of a firm are subject to double taxation. D) limits the amount of specialization that can occur in a firm.