Match the Following Characteristics with the Form of Business Entity

question 3

Multiple Choice

Match the following characteristics with the form of business entity that best describes it. Each may be used more than once.
-Owned by two or more individuals

• A)Proprietorship
• B)Partnership
• C)Corporation
• D)Limited liability company (LLC)

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of all resources employed, indicating above-normal returns.

Purely Competitive

Another term for perfectly competitive, describing a market with no single buyer or seller able to influence prices.

Demand Curves

Graphical representations of the relationship between the price of a good and the quantity demanded by consumers at various prices.

Elastic

Describes a situation where the quantity demanded or supplied changes significantly when the price changes.