Describe the three main categories of firms
What will be an ideal response?
The three main types of firms are sole proprietorships, where the firm is owned by a single person, partnerships, where the firm is owned by two or more persons, and corporations, where the firm is a legal form of business that provides owners with protection from losing more that their investment in the firm should the business fail.
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In the above figure, which movement illustrates the impact of the price level and money wage rate falling at the same rate?
A) E to H B) E to K C) E to J D) E to G
The above table shows Homer's marginal utility from consuming various quantities of chocolate chip cookies and cake. The price of cookies is $2 per pound, the price of cake is $2 per slice and Homer has $18 to spend on cookies and cake
Homer will consume ________ pounds of cookies and ________ slices of cake. A) 5; 4 B) 4; 5 C) 6; 3 D) None of the above answers is correct.