March 29, 2017

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1. A limited liability company is the best form of business for owners who?

A. are concerned about keeping their costs of production at a minimum level.
B. want an outside company to handle all the business's finances.
C. expect to eventually grow their company to compete nationally.
D. wish to reduce their financial responsibility without incorporation.

2. Which of the following may occur as a result of an increase in the price of cell phones?

A. increase in supply
B. increase in quantity supplied
C. decrease in supply
D. decrease in quantity supplied

3. In a specific industry, two dominant firms work together to set prices. We call this

A. competition.
B. collusion.
C. market dominance.
D. market influence.

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