Jack and jill were living together and formed a general partnership to start a coffee shop. jill contributed $100,000 and jack contributed all the work to build out the space, order all the furniture and fixtures and dealing with the accountants and lawyers in establishing the business. the did not have a written partnership agreement. they shared the duties in running the business until jack fell down and broke his crown. debt began piling up. they are sued and maxwell house coffee got a $150,000 judgment against them. who is liable for what?

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.