The supply curves of individuals may slope backwards, and also the market supply curve for any given type of labour may well slope backwards

The supply curves of individuals may slope backwards, but the market supply curve for any given type of labour is most unlikely to slope backwards

The supply curves of individuals are most unlikely to slope backwards, but the market supply curve for any given type of labour may well slope backwards

The supply curves of individuals are most unlikely to slope backwards, and the market supply curve for any given type of labour is also most unlikely to slope backwards.

It is something that all firms actually do

It is something which economists believe that all firms actually do

It is what economists believe is the most common aim of firms

It means that no firms ever make losses

More than 99% of firms have fewer than 50 employees

Less than 1% of firms have 250 or more employees

Between them, firms with fewer than 50 employees account for under 50% of the total turnover (that is total sales) of all firms

Between them, firms with 250 or more employees account for under 50% of the total turnover of all firms

All firms must pay corporation tax on their profits

Both sole proprietorships and partnerships have unlimited liability

All companies have limited liability

Internal finance arises when a company finances new assets by using past profits

It is the risk that a principal who hires or employs an agent to perform a task may find that the task is done poorly

It is least likely to arise in cases where there is asymmetric information

It may be reduced in the case of a company if its directors are given bonuses that relate to the company’s profits

It may be reduced in the case of a company if its directors fear their company may be subject to competition for corporate control