The Most Common Form of Business Organization in the United

question 84

True/False

The most common form of business organization in the United States is the sole proprietorship.

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Definitions:

Final Product

The completed good or service that is available for sale to the end-user, after all stages of production and processing are completed.

MPP

Marginal Physical Product, which represents the additional output resulting from the use of one more unit of a variable input, holding other inputs constant.

Resource

Assets, materials, or inputs that are available to an individual, organization, or society to produce goods and services.

Output

The total amount of goods or services produced by a company, industry, or economy.