Nate Wants to Start a Business Involving the Manufacture of Fishing

question 51

Multiple Choice

Nate wants to start a business involving the manufacture of fishing boats.However, he is worried that if one of the boats that he sells ends up sinking, he might become bankrupted if the buyer sues him.Which business structure should Nate adopt?

• A)Partnership
• B)Company
• C)Trust
• D)Sole trader

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Definitions:

Price Elastic

Refers to the responsiveness of the demand or supply of a good to changes in its price.

Dell Laptops

Portable computers manufactured by Dell Inc., known for their customizable features and wide range of models for various user needs.

Substitutes

Products or services that can be used in place of each other based on their utility.

Price Elasticity

Price elasticity measures how the quantity demanded of a good is affected by a change in its price, with high elasticity indicating sensitivity to price changes.