A Key Difference Between Franchising and Licensing Is That Franchisees

question 79

True/False

A key difference between franchising and licensing is that franchisees use the identity of the franchisor.

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Definitions:

Minimum

The lowest point on a nonlinear curve, where the slope changes from negative to positive.

Economic Profit

The difference between the total revenue received by a business and the total implicit and explicit costs of a business.

ATC

Average Total Cost, which is the sum of all production costs divided by the quantity of output produced.

Economic Profits

Profits exceeding the opportunity costs of a company; considered an indicator of efficiency and entrepreneurship.