1. Select all of the following that ARE features of a sole proprietorship: a. the owner is responsible personally for taxes of the business b. the owner has unlimited liability for business events c. the owner may not use a fictitious name for the business d. the owner is responsible for the management of the business e. it can only exist for an enterprise that requires a license or permit 2. Sole proprietorships must be registered with the state, usually the Secretary of State's office. a. True b. False 3. In a general partnership, the partners usually have liability. 4. Partners in a partnership are said to have

Wo firms, a and b, each currently dump 50 tons of chemicals into the local river. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. it costs firm a $100 for each ton of pollution that it eliminates before it reaches the river, and it costs firm b $50 for each ton of pollution that it eliminates before it reaches the river. the government gives each firm 20 pollution permits. government officials are not sure whether to allow the firms to buy or sell the pollution permits to each other. what is the total cost of reducing pollution if firms are not allowed to buy and sell pollution permits from each other? what is the total cost of reducing pollution if the firms are allowed to buy and sell permits from each other? a. $3,000; $1,500 b. $4,500; $3,500 c. $4,500; $4,000 d. $4,500; $2,500