Which One of the Following Statements Is Correct with Respect

question 170

Multiple Choice

Which one of the following statements is correct with respect to sole proprietorships?

• A) A sole proprietorship is a separate legal entity with one shareholder.
• B) A sole proprietorship involves limited liability.
• C) The sole proprietor is a society under the Societies Act.
• D) A sole proprietorship involves unlimited liability for the proprietor.
• E) The sole proprietor is restricted to service type businesses.

Explain the significance of the lowest point on the average total cost curve.

Understand the relationship between a perfect competitor's demand curve and their marginal revenue curve.

Predict changes in output in response to economic conditions in the short run and long run.

Calculate total profits based on various economic conditions.

---

Definitions:

Quick Response

A strategy or system aimed at increasing efficiency and reducing response times, often used in supply chain management and manufacturing.

Just-in-time Delivery

A supply chain management strategy aimed at reducing inventory costs by receiving goods only as they are needed in the production process.

Extreme Value Offers

Promotions or sales offering products or services at exceptionally low prices, often to attract a significant number of customers or clear out inventory.

Merchandise And Services

encompasses the goods that are sold and the activities performed for customers as part of business operations.