ECON 1900 Study Guide - Sunk Costs, Average Variable Cost, Sole Proprietorship

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Practice multiple choice for chapter 6, producer theory: the advantage of sole proprietorship over partnership is that: A) it is easier to finance a business where there is only one owner: a greater specialization in the management level is possible. C) there is a limited liability in the sole proprietorship form of business while there is unlimited liability in case of partnership. D) the sole proprietor has substantial freedom of action: the principal-agent problem arises because: You value your time at . 00 an hour. The tax specialist will charge you an hour. The opportunity cost of preparing your own tax return is: , , , , to the economist total cost includes, explicit and implicit costs, including a normal profit, neither implicit nor explicit costs. C) implicit, but not explicit, costs: explicit, but not implicit, costs, suppose that a business incurred implicit costs of ,000 and explicit costs of million in a specific year.

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