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Assume an indifference map of convex indifference curve. What is the significance of the optimal consumption bundle being at a point where one indifference curve is tangent to the budget line?
Sole Proprietorship
A business owned and operated by one person, where there is no legal distinction between the owner and the business.
Unlimited Liability
A legal obligation where business owners and partners are personally responsible for all debts and liabilities of the business.
Societies Act
Legislation that governs the registration and management of not-for-profit corporations or societies in certain jurisdictions.
Partnership Exists
A legal relationship formed when two or more persons carry on a business in common with the aim of profit.
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