The Partnership Is the Least Common Form of Business Organization

question 124

True/False

The partnership is the least common form of business organization in the United States.

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Definitions:

Regressive

Pertains to a situation or policy that has a disproportionately greater impact on those with lower income or status.

Excise Tax

A tax imposed on the sale or manufacture of specific goods, such as alcohol and tobacco, within a country.

Elasticity

A measure of how much the quantity demanded or supplied of a good or service changes in response to a change in price.

Inelastic Supply

Describes a situation where the quantity supplied of a good changes by a smaller percentage than the percentage change in its price.