Which of the Following Is True About Independent Contractors Within

question 12

Multiple Choice

Which of the following is true about independent contractors within the context of payroll?

• A) A temporary working relationship must exist.
• B) They are employees of the company.
• C) The worker controls hours worked and exercises judgment.
• D) Tools and facilities are provided by the employer.

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Definitions:

Least-Cost Combination

is an economic principle that firms achieve by using the mix of inputs that minimize their costs while producing a given level of output.

MRP

Marginal Revenue Product; the additional revenue generated by employing one more unit of a resource or factor of production.

Resources

Assets, materials, and inputs needed for the production of goods and services, including natural resources, labor, and capital.

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogenous products, and the absence of barriers to entry or exit, leading to optimal pricing and output.