A Sole Proprietorship Is

question 230

Multiple Choice

A sole proprietorship is

• A)the easiest type of business to set up.
• B)the most difficult type of business to set up.
• C)the most expensive type of business to set up.
• D)the least profitable type of business to set up.

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Definitions:

Producing Purse

The process involved in creating and manufacturing handbags.

Long-Run Average Total Cost

A curve that reflects the lowest cost at which a firm can produce any given level of output in the long term, when all inputs are variable.

Short-Run Average Cost Curves

Graphs that show how the average cost of production changes as the level of output is varied in the short term.

Cost Curves

Graphical representations that show the cost of producing different quantities of a good or service.