A Partnership May Be Terminated by

question 40

Multiple Choice

A partnership may be terminated by

• A) the death of a partner.
• B) agreement among the partners.
• C) bankruptcy of the partnership.
• D) all of these.

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Definitions:

Marginal Resource Cost

It refers to the additional cost incurred by a firm when it uses one more unit of input.

MRP

Marginal Revenue Product, which is the additional revenue generated from employing one more unit of a resource, such as labor or capital.

Professional Football

A sport involving organized teams who play football for payment in leagues with set rules and competitions.

Income

The money or other benefits received, usually in return for labor, services, or investment, constituting the basis for consumption and savings.