Economics 15 points !
1. which of the following does a sole proprietorship and a partnership share?

a. ease of stopping and starting
b. shared debt liability
c. profit-sharing options
d. protection of personal assets

2. renee has an idea to revolutionize the paper towel industry, but she has no money to start a business. renee's lack of funds reveals a need for which factor of production?

a. entrepreneurship
b. financial capital
c. physical capital
d. warehouses

3. how is a partnership like a limited liability corporation?

a. both are incorporated.
b. both have investors.
c. both are inexpensive to start.
d. both protect personal assets.

4. a benefit of a purely competitive market is..

a. equal product information for buyers and sellers
b. government sets the product prices to be competitive
c. sellers may set their own prices
d. sellers use advertising to attract buyers

5. in which market structure is it most difficult to become a competitive producer?

a. monopoly
b. monopolistic competition
c. oligopoly
d. pure competition

6. "when diamonds are what you want, only the finest will do." this advertisement targets your

a. fears
b. rituals
c. senses
d. social values

7. business revenue is

a. money collected through product sales
b. money a firm must pay for production
c. taxes a firm must pay to the government
d. taxes collected by the government

B. Shared debt liability

Both sole proprietorship and partnership are unincorporated businesses whereby in case of bankruptcy, the person or the partners has to give up their personal assets in order to pay off the accumulated debt.

B. Financial Capital

In this situation Renee needs more and more amount of funds in order to initiate her business venture. However, due to lack of funds, she is not able to open her business and enjoy being her own boss. Th primary reason is lack of funds which highlight the lack of financial capital that is not present within her business. With funds, she can achieve her target business venture.

B. Both have Investors

Both of the business structures have this thing in common that both of models tend to enjoy the prevalence of investors that provide capital in form of money to be invested in the business to meet the financial need of the business. Sole ownership doesn't have this feature and therefore of all the options present, this is the most optimal answer present.

A. equal product information for buyers and sellers

Purely competitive market is where the market tends to set the price since the information is openly available with all the consumers and suppliers and no individual person either it be a consumer or a supplier can change or bring amendment in the price of the commodity being sold. This therefore enables complete information available with the buyers and sellers in the market.

D. Pure competition

It is most difficult to become a competitive producer in a pure competition because a producer's attempt to differentiate his product in the market will cost him increased cost on the commodity sold and hence earn no extra benefit since the price is same for all and the product being sold in the market is homogeneous in nature and that consumers are not willing for differentiation to prevail.

C. Senses

The advertisement line about diamonds tends to target your senses by establishing that your demand for diamonds can only fulfilled by the finest category of diamonds and the finest will be provided the company putting up that advertisement and hence creating a competitive edge in the minds of it customers by making a perception that it supplies the fines quality present.

A. money collected through product sales

Business revenue is the amount of the money generated by the sales that it makes and hence the product of the quantity sold and the price charged on each unit sold by the company. Revenue is more concerned with the sales made, whereas the costs is the money paid for the production and the difference of business revenue and costs, is essentially the profit generated by the business.

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