Examlex
Which of the following are disadvantages of a partnership?
I.limited life of the firm
II.personal liability for firm debt
III.greater ability to raise capital than a sole proprietorship
IV.lack of ability to transfer partnership interest
Negative Profits
Refers to a financial loss where expenses exceed revenues within a specific period.
Perfectly Competitive Industries
Industries in which many firms produce identical products, and entry and exit are easy, leading to zero economic profit in the long run.
Homogeneous Product
A product that is considered identical or equivalent by consumers, with no significant differences from other products in the market.
Free Exit
The condition in a market where firms can leave the industry without incurring high costs, facilitating competition and economic efficiency.
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