In a partnership form of business
a. all, except one partner, are subject to limited liability
b. the business must operate in at least two countries
c. at least two different products must be produced
d. the partner who owns the majority of stock makes all of the important managerial decisions
e. profits are shared by the partners
E
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Which of the following barriers to entry into a market is most beneficial from society's perspective?
A) Economies of scale. B) Ownership of an essential productive resource. C) Brand loyalties. D) Consumer lock-in and switching costs.
A firm that wants to maximize profits should hire each input to the point where
A) its marginal revenue product divided by the price of the input equals one. B) its marginal revenue product divided by its marginal physical product equals the wage. C) its marginal revenue product divided by the product price equals one. D) its marginal physical product divided by the price of the input equals the product price.