Which of the Following Types of Business Organization Is Owned

question 85

Multiple Choice

Which of the following types of business organization is owned by one person?

• A) Corporation
• B) Partnership
• C) Proprietorship
• D) Corporation, partnership, and proprietorship

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Definitions:

Excludable

A feature of a product or service that enables the owner to restrict its use by others without obtaining consent.

Rival In Consumption

Describes a good or service whose consumption by one individual prevents simultaneous consumption by other individuals, making it exclusive in nature.

Common Resource

A resource like fish stocks, forests, or clean air, that provides users with tangible benefits but is susceptible to overuse and depletion.

Public Good

An offering of products or services to every member of society at no cost, provided by either governmental bodies or private organizations, without aiming for financial gain.