Consider the accompanying payoff matrix. Column Cruises Offer reduced rates Keep rates high Row Resorts Offer reduced rates 50 for Row 500 for Row 50 for Column 10 for Column Keep rates 10 for Row 300 for Row high 500 for Column 300 for Column If Column Cruises offers reduced rates, and Row Resorts keeps its rates high, then Row Resorts will earn , and Column Cruises will earn .

1. the corporate form of business organization has an advantage over both the sole proprietorship and the general partnership in ease of 2. the corporate form of business organization has an advantage over both the sole proprietorship and the general partnership in external liability for business 3. a partnership is an association of two or more persons to carry on as co-owners a business for 4. any one partner may be held liable for the entire indebtedness of the 5. a limited partner is liable for the partnership debt only to the extent of her capital 6. a person may be a partner even though he has no authority to conduct the ordinary activities of the 7. a partner may withdraw his capital contribution without the consent of all the 8. when a partner sells his interest in the partnership, the buyer becomes a new 9.every partner owes a duty of good faith, fairness, and loyalty to the other 10. a partner who fails to use ordinary care and skill in discharging assigned duties will be personally liable to the partners for any resulting loss.