Suppose at the current price, the demand for copper is estimated at -3.14. What happens to sales revenue if the government imposes a price ceiling below the free market equilibrium price in the copper market?
A) Sales revenue falls.
B) Sales revenue remains unchanged because copper is a necessity for most industries.
C) Sales revenue rises.
D) It cannot be determined without information on prices.
Question 2
Assume you and your cousin Vinny set up a partnership and your lawyer tells you that as the owners you will each face unlimited liability. What does that mean?
A) There is no legal responsibility of the business in case a customer sues, as the business is legally untouchable.
B) Each of you could stand to lose your personal wealth if the business goes bankrupt.
C) You are each liable for organizing the business.
D) None of these explain what unlimited liability means.
copper
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