An Item to Which a Business Holds Legal Claim Is

question 325

Multiple Choice

An item to which a business holds legal claim is called a(n)

• A) asset.
• B) liability.
• C) loan.
• D) time deposit.

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Definitions:

Subsidy Program

A government initiative designed to support businesses or individuals through financial assistance or tax benefits.

Downward Sloping

Describes a line or curve on a graph that shows a decrease in one variable as another variable increases, often used in economics to describe demand curves.

Demand Curves

Graphical representations showing the relationship between the quantity of goods consumers are willing and able to purchase at various prices, typically downward sloping from left to right.

Own Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, holding all else constant.