all partners are equally responsible for management and debts
general partnership
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15
Which of these can be added to determine total costs?A. fixed costs and overheadB. marginal costs and overheadC. fixed costs and variable costsD. fixed costs and marginal costs
C. fixed costs and variable costs
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15
Which of these is the most likely to create a surplus of an item?A. a price floorB. a fixed priceC. a price ceilingD. a market price
A. a price floor
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15
What do low prices signal buyers to do?A. nothingB. buy moreC. buy lessD. substitute
B. buy more
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situation in which a firm legally ceases to exist when an owner dies or quits, or when a new owner is added
limited life
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quality of life
standard of living
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the extent to which a change in price causes a change in the quantity demanded
demand elasticity
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movement along the demand curve showing that a different quantity is purchased in response to a change in price
change in quantity demanded
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seesaw
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fairy
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10
15
20
25
rocket
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baam
Lose 25 points!
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banana
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star
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gift
Win 15 points!
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banana
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15
Which of the following explains why products made under a command economy are more likely to be low quality?A. The workers who make them have little incentive to make them well.B. The workers who make them are not given quality-co...
A. The workers who make them have little incentive to make them well.
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form of stock without vote, in which stockholders get their investments back before common stockholders do
preferred stock
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type of elasticity in which the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)
inelastic
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baam
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seesaw
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rocket
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baam
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15
Which statement is the best explanation of the market theory of wage determination?A. Management tends to pay a lower wage to workers who support unions.B. A worker's pay rate is set by supply of and demand for that worker's skill...
B. A worker's pay rate is set by supply of and demand for that worker's skills.
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satisfaction or usefulness obtained from acquiring one more unit of a product