You Want to Have a Talk with Your Younger Sister

question 171

Multiple Choice

You want to have a talk with your younger sister about the dangers of drugs. You begin the discussion by saying, "Now, your friends are probably going to tell you that only people with problems to begin with get into trouble with drugs, and that you're a chicken if you don't get high with them, but…" You have just used __________ to persuade her to avoid experimenting with drugs.

• A) a fear-based appeal
• B) a one-sided argument
• C) attitude accessibility
• D) attitude inoculation

Grasp the advantages and disadvantages of the partnership form of business organization compared to corporations.

Identify the characteristics unique to a general partnership, including mutual agency, ease of formation, and the consequence of limited life.

Differentiate between the equity reporting for partnerships and limited liability companies.

Understand the critical role of mutual agency in partnerships and how it affects the binding of partnerships to business contracts.

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Definitions:

Inelastic Demand

A market situation where the demand for a product does not significantly change in response to price changes.

Elastic Demand

A situation in the market where the desire for a product or service sharply varies with the adjustments in its cost.

Price Discrimination

The practice of charging different people or groups of people different prices that are not cost justified.

Perfect Price Discrimination

A pricing strategy where a seller charges the maximum possible price to each customer based on their willingness to pay, capturing all consumer surplus as profit.