A(n) _____ Is a Voluntary Agreement Under Which Two or More

question 26

Multiple Choice

A(n) _____ is a voluntary agreement under which two or more people act as co-owners of a business for profit.

• A) vertical merger
• B) partnership
• C) S corporation
• D) acquisition

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Definitions:

Less Elastic

Less elastic refers to a demand or supply that is relatively unresponsive to changes in price compared to a perfectly elastic curve.

Increase Price

A decision by a supplier or manufacturer to raise the cost at which goods or services are sold.

Complement Good

A product that is used together with another product, where the use of one increases the demand for the other.

Substitute Good

A product or service that can be used in place of another to satisfy the same need or desire.