When There Is a Cost or Benefit That Affects Someone

question 321

Multiple Choice

When there is a cost or benefit that affects someone other than the seller and buyer,then there is

• A) a tax.
• B) a subsidy.
• C) a quantity regulation.
• D) a price regulation.
• E) an externality.

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Definitions:

Uniform Limited Liability Company Act

A set of uniform legal provisions adopted by some states to regulate the formation, operation, and dissolution of LLCs (Limited Liability Companies).

Hybrid Form

A blend or combination of two different elements, forms, or entities.

State Statutes

Laws that have been enacted by the legislative bodies of individual states.

Operating Agreement

A contract among the members of a Limited Liability Company (LLC) that outlines the business's financial and functional decisions including provisions for its governance and operation.