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Zach and Mac Own an Auto Repair Business Which They

question 74

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Zach and Mac own an auto repair business which they operate as co-owners.Both take an active role in the management of the business,and each accepts unlimited liability.Zach and Mac operate as a __________.


Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing and able to purchase at various prices.

Price Elasticity

A gauge for the reaction of demand for a product to variations in its cost.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.

Price Elasticity

An indicator of the sensitivity in the quantity of a good demanded when its price fluctuates.

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