Three major types of firms that exist in the United States.

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Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 8, Problem 8.1.1RQ

To determine

Three major types of firms that exist in the United States.

Expert Solution & Answer

Explanation of Solution

Following are the three major types of the firms that exist in the United States.

Sole proprietorship: This type of firm is basically owned by the single individuals. In general, they are small firms, and in some cases, some firms employ many workers in order to earn high profits. These firms have unlimited liability.

Partnership: This type of firm is owned by two or more individuals. In some cases, these firms are very large. These firms have unlimited liability.

Corporation: This type of firm is a legal form of business. It provides protections to the owners from losing more than the investment, if the business fails. These firms are generally large and organized. These firms have limited liability.

Economics Concept Introduction

Concept introduction:

Firms: Firms are the business organizations that sell goods and services in order to earn profits.

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Students have asked these similar questions

Exercise 5Consider the demand and supply functions for the notebooks market.QD=10,000−100pQS=900pa. Make a table with the corresponding supply and demand schedule.b. Draw the corresponding graph.c. Is it possible to find the price and quantity of equilibrium with the graph method? d. Find the price and quantity of equilibrium by solving the system of equations.

1. Consider the market supply curve which passes through the intercept and from which the marketequilibrium data is known, this is, the price and quantity of equilibrium PE=50 and QE=2000.a. Considering those two points, find the equation of the supply. b. Draw a graph for this equation. 2. Considering the previous supply line, determine if the following demand function corresponds to themarket demand equilibrium stated above. QD=.3000-2p.

Supply and demand functions show different relationship between the price and quantities suppliedand demanded. Explain the reason for that relation and provide one reference with your answer.

Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 8, Problem 8.1.1RQ

To determine

Three major types of firms that exist in the United States.

Expert Solution & Answer

Explanation of Solution

Following are the three major types of the firms that exist in the United States.

Sole proprietorship: This type of firm is basically owned by the single individuals. In general, they are small firms, and in some cases, some firms employ many workers in order to earn high profits. These firms have unlimited liability.

Partnership: This type of firm is owned by two or more individuals. In some cases, these firms are very large. These firms have unlimited liability.

Corporation: This type of firm is a legal form of business. It provides protections to the owners from losing more than the investment, if the business fails. These firms are generally large and organized. These firms have limited liability.

Economics Concept Introduction

Concept introduction:

Firms: Firms are the business organizations that sell goods and services in order to earn profits.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 8, Problem 8.1.1RQ

To determine

Three major types of firms that exist in the United States.

Expert Solution & Answer

Explanation of Solution

Following are the three major types of the firms that exist in the United States.

Sole proprietorship: This type of firm is basically owned by the single individuals. In general, they are small firms, and in some cases, some firms employ many workers in order to earn high profits. These firms have unlimited liability.

Partnership: This type of firm is owned by two or more individuals. In some cases, these firms are very large. These firms have unlimited liability.

Corporation: This type of firm is a legal form of business. It provides protections to the owners from losing more than the investment, if the business fails. These firms are generally large and organized. These firms have limited liability.

Economics Concept Introduction

Concept introduction:

Firms: Firms are the business organizations that sell goods and services in order to earn profits.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 8, Problem 8.1.1RQ

To determine

Three major types of firms that exist in the United States.

Expert Solution & Answer

Explanation of Solution

Following are the three major types of the firms that exist in the United States.

Sole proprietorship: This type of firm is basically owned by the single individuals. In general, they are small firms, and in some cases, some firms employ many workers in order to earn high profits. These firms have unlimited liability.

Partnership: This type of firm is owned by two or more individuals. In some cases, these firms are very large. These firms have unlimited liability.

Corporation: This type of firm is a legal form of business. It provides protections to the owners from losing more than the investment, if the business fails. These firms are generally large and organized. These firms have limited liability.

Economics Concept Introduction

Concept introduction:

Firms: Firms are the business organizations that sell goods and services in order to earn profits.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 8, Problem 8.1.1RQ

To determine

Three major types of firms that exist in the United States.

Expert Solution & Answer

Explanation of Solution

Following are the three major types of the firms that exist in the United States.

Sole proprietorship: This type of firm is basically owned by the single individuals. In general, they are small firms, and in some cases, some firms employ many workers in order to earn high profits. These firms have unlimited liability.

Partnership: This type of firm is owned by two or more individuals. In some cases, these firms are very large. These firms have unlimited liability.

Corporation: This type of firm is a legal form of business. It provides protections to the owners from losing more than the investment, if the business fails. These firms are generally large and organized. These firms have limited liability.

Economics Concept Introduction

Concept introduction:

Firms: Firms are the business organizations that sell goods and services in order to earn profits.

Answer 6

Chapter 8, Problem 8.1.1RQ

To determine

Three major types of firms that exist in the United States.

Expert Solution & Answer

Explanation of Solution

Following are the three major types of the firms that exist in the United States.

Sole proprietorship: This type of firm is basically owned by the single individuals. In general, they are small firms, and in some cases, some firms employ many workers in order to earn high profits. These firms have unlimited liability.

Partnership: This type of firm is owned by two or more individuals. In some cases, these firms are very large. These firms have unlimited liability.

Corporation: This type of firm is a legal form of business. It provides protections to the owners from losing more than the investment, if the business fails. These firms are generally large and organized. These firms have limited liability.

Economics Concept Introduction

Concept introduction:

Firms: Firms are the business organizations that sell goods and services in order to earn profits.

Answer 7

Chapter 8, Problem 8.1.1RQ

To determine

Three major types of firms that exist in the United States.

Answer 8

Expert Solution & Answer

Explanation of Solution

Following are the three major types of the firms that exist in the United States.

Sole proprietorship: This type of firm is basically owned by the single individuals. In general, they are small firms, and in some cases, some firms employ many workers in order to earn high profits. These firms have unlimited liability.

Partnership: This type of firm is owned by two or more individuals. In some cases, these firms are very large. These firms have unlimited liability.

Corporation: This type of firm is a legal form of business. It provides protections to the owners from losing more than the investment, if the business fails. These firms are generally large and organized. These firms have limited liability.