An Unincorporated Business Owned by an Individual for Profit Is

question 92

Short Answer

An unincorporated business owned by an individual for profit is known as a(n) __________.

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Definitions:

Excise Tax

An indirect tax charged on the sale of a particular good or service, often included in the price of products like gasoline, alcohol, and tobacco.

Marginal Cost (MC) Curves

Graphs showing the cost of producing one additional unit of a good, illustrating how the cost varies with the level of output.

Diminishing Returns

A rule in economics that holds that after reaching a certain level, further investments in a specific sector will not yield higher returns if all other conditions stay the same.