Which of the Following Statements Best Describes a Partnership

question 57

Multiple Choice

Which of the following statements best describes a partnership?

• A)separate legal entity
• B)single owner
• C)most expensive to establish
• D)owners are responsible for debt of the company

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Definitions:

Inefficiently High Level

A scenario where more resources are used than necessary, leading to waste and inefficiency.

Common Resource

A type of good that provides benefits to many individuals, but which has the potential to be depleted or overused because it is not excludable.

Inefficient Allocation

A situation where resources are not distributed or utilized in a way that maximizes potential output or welfare.

Decision Makers

Individuals or groups responsible for making choices that determine the course of actions to be followed by an organization or system.