Explain how the outcome of the Cournot model is achieved.
What will be an ideal response?
Question 2
Assume you set up a sole proprietorship and your lawyer tells you that as the owner, you could stand to lose your personal wealth if the business goes bankrupt. This means a sole proprietorship
A) is not a good type of business to set up. B) faces limited liability.
C) faces unlimited liability. D) has little chance of succeeding.