Which of the Following Is Correct with Respect to Partnership

question 53

Multiple Choice

Which of the following is correct with respect to partnership?

• A)A partnership can be made up of only limited partners.
• B)Partnership is a separate legal entity.
• C)Partners are not agents for each other.
• D)General partners have unlimited liability.
• E)General partners have limited liability.

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Definitions:

Average Total Cost

The total cost of production divided by the total quantity of output, representing the cost per unit of output.

Scale of Operations

The scope or size of production, or the level at which a business operates in terms of output.

Average Cost Curve

A graphical representation that shows how the cost per unit of production varies with the quantity produced.

Scale of Production

Refers to the level at which a manufacturing process operates, which can impact the efficiency and cost per unit of production.