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Of the following, which good has the most elastic demand?
Allowances
Funds set aside or discounts offered to account for various factors such as potential returns, defective goods, or customer satisfaction initiatives.
Income-Sharing Ratio
An agreed upon proportion used to distribute profits or losses among partners in a partnership.
Limited Liability Company
A corporate model that integrates the flow-through taxation characteristic of partnerships and sole proprietorships with the protective limited liability found in corporations.
Business Entity
A legal organization created by individuals, stockholders, or shareholders, with the purpose of operating for profit.
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