What Is a Business That Is Owned by and Operated

question 37

Multiple Choice

What is a business that is owned by and operated for the benefit of patrons using its services called?

• A) Joint venture
• B) Fractional ownership
• C) Cooperative
• D) Proprietorship

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Definitions:

Legal Price

A price that is established by law or regulation, rather than determined by the market.

Total Surplus

The sum of consumer surplus and producer surplus, reflecting the total net benefit to society from the production and consumption of goods or services.

Quantity Demanded

The specific amount of a good or service that consumers are willing and able to purchase at a given price, during a particular period.

Quantity Supplied

The amount of a good or service that producers are willing and able to offer for sale at a particular price.