Corporations Are Legally Formed by Filing Articles of Organization with the State

question 74

True/False

Corporations are legally formed by filing articles of organization with the state in which the corporation will be created.

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Definitions:

Average Variable Cost

The total variable costs divided by the quantity of output produced; it varies with output levels.

Average Total Cost

The per-unit production cost, calculated by dividing the overall production expenses by the number of units produced.

Price Taker

An economic term for a market participant that accepts the prevailing prices without influencing them.

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.