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Author Question: Only corporations benefit from limited liability. Indicate whether the statement is true or ... (Read 120 times)

mcmcdaniel

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on: Jul 1, 2018
Only corporations benefit from limited liability.
 
  Indicate whether the statement is true or false

Question 2

What do we mean by efficient production?
 
  What will be an ideal response?
Microeconomics ¦ Perloff ¦ 8th Edition
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vish98

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Reply #1 on: Jul 1, 2018
Answer to Question 1

True . Individuals in sole proprietorships and partnerships are personally responsible for debt.

Answer to Question 2

Efficient production implies that no inputs are wasted. If a given level of output is efficiently produced it is not possible to produce the same amount with less inputs.


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