Match the Following Characteristics with the Form of Business Entity

question 125

Multiple Choice

Match the following characteristics with the form of business entity that best describes it. Each may be used more than once.
-Has the ability to obtain large amounts of resources

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

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Definitions:

Marginal Revenue

The additional income received from selling one more unit of a good or service, vital for decision-making in firms.

Total Revenue

The overall amount of money received by a firm from selling its goods or services, calculated by multiplying the price by the quantity sold.

Output

The total quantity of goods or services produced by an individual, firm, or country over a specified period.

Perfect Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price takers.