Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 21, Problem 6CQ
To determine
The advantages, disadvantages, and efficiency of a corporate form of business firm.
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Chapter 21 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Suppose that you want to open a new business or purchase an existing one. Describe that business. What good or service would you provide? Where would you be located? What would be some explicit costs of starting the business? What would be some implicit costs?arrow_forwardWhat are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.arrow_forwardWhat level of output does a firm produce?arrow_forward
- What advantages does the Cotton Gin have over previous technologies?arrow_forwardWhy might a business hire an entrepreneur to meet their organizational goals?arrow_forwardWhat must an entrepreneur do to earn a profit? How do theactions of firms earning profits influence the value of resources?What happens to the value of resources when losses are present?If a firm making losses goes out of business, is this bad?Why or why not?arrow_forward
- What differentiates an entrepreneur from a small-business owner?arrow_forwardExplain briefly how you can be an entrepreneur and not merely a businessperson.arrow_forwardWhat must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources?arrow_forward
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