If Division of Profits in a Partnership Is Not Specified

question 76

Multiple Choice

If division of profits in a partnership is not specified, profit (loss) is assumed to be

• A) allocated to general partners first.
• B) allocated based on capital contribution.
• C) held within the partnership.
• D) allocated equally.

---

Definitions:

Used Cars

Pre-owned vehicles that have been previously registered and used by one or more owners.

Constant Marginal Cost

A situation where the marginal cost of producing one additional unit of output is the same, regardless of the level of production.

Separate Markets

Markets for different goods or services that do not affect each other, often due to geographical, product differentiation, or segmentation reasons.

Monopolist

An individual or entity that has exclusive control over the production and sale of a particular product or service, facing no competition.