Answer:
d. may have too many or too few firms, but the government can do little to rectify the situation.
Explanation:
Answer:
A sole proprietorship is a business owned by only one person. The most common form of ownership, it accounts for about 72 percent of all U.S. businesses[1]. It’s the easiest and cheapest type of business to form: if you’re using your own name as the name of your business, you just need a license to get started, and once you’re in business, you’re subject to few government regulations.
As sole owner, you have complete control over your business. You make all important decisions, and you’re generally responsible for all day-to-day activities. In exchange for assuming all this responsibility, you get all the income earned by the business. Profits earned are taxed as personal income, so you don’t have to pay any special federal and state income taxes.
Explanation:
A liability (such as salaries payable) will be increased. Expenses are increased. Net income is reduced.
<h3>What is liability?</h3>
What a person or business owes is known as a liability, and the amount owed is typically monetary. The transmission of economic rewards, such as money, products, or services, settles liabilities over time. Having to pay anything to someone else under the law is known as having a liability. To pay for a business's continuous operations, liabilities are incurred. Accounts payable, accumulated costs, owed wages, and owed taxes are a few examples of liabilities.
What your business has that has the potential to generate future financial benefits are its assets.
What you owe other people is your liability. To put it simply, assets increase your financial security while liabilities decrease it.
Obligations aren't always a terrible thing. Some loans are taken out to buy new equipment, such as machinery or automobiles, which aids small businesses in running and expanding.
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Mass production - to produce custom products in large quantities
