Which of the Following Lists the Three Types of Firms

question 30

Multiple Choice

Which of the following lists the three types of firms in the United States from smallest to largest in terms of volume of sales in 2012?

• A)Partnerships, sole proprietorships, corporations
• B)Sole proprietorships, partnerships, corporations
• C)Sole proprietorships, corporations, partnerships
• D)Corporations, partnerships, sole proprietorships
• E)Partnerships, corporations, sole proprietorships

Explain how property rights influence the rate of resource extraction.

Determine the optimal extraction level of a nonrenewable resource.

Describe the implications of a zero user cost on resource extraction.

Understand how present value calculations affect resource extraction decisions.

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Definitions:

Five-number Summary

A descriptive statistic that provides a quick overview of a dataset through five key numbers: minimum, first quartile, median, third quartile, and maximum.

Symmetric

A characteristic of an object or distribution in which it is identical in size, form, and arrangement on both sides of a dividing line or plane.

First Quartile

The middle number between the smallest number and the median of the dataset, dividing the data set into lower 25% and upper 75%.

Percentile

A measure that indicates the value below which a given percentage of observations in a group falls.