Blake, Madison and Sean Started Selling Computer Software on College

question 93

Multiple Choice

Blake, Madison and Sean started selling computer software on college campuses under the name Student Software Company. Each person contributed $1,500toward start-up costs and agreed on dividing costs and profits equally. The legal structure for the company can best be described as:

• A) a proprietorship.
• B) a partnership.
• C) a trade alliance.
• D) a corporation.
• E) none of these.

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Definitions:

Output

The amount of goods or services produced by a business, industry, or economy in a given period.

Production Isoquants

Curves that represent different combinations of inputs that produce the same level of output, illustrating the trade-offs in production processes.

Production Functions

Mathematical relations stipulating how output levels are achieved with different combinations of input factors such as labor and capital.

Input

Refers to the resources used in the production of goods and services, such as labor, raw materials, and capital.