An Organization That Converts Inputs (Like Labor,Capital Etc

question 48

Multiple Choice

An organization that converts inputs (like Labor,Capital etc. ) into output is called a

• A)firm.
• B)sole proprietorship.
• C)corporation.
• D)All of the above.

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Definitions:

Demand Equation

Is a mathematical representation that describes the relationship between the quantity demanded of a good or service and its price, among other factors.

New Equilibrium Quantity

This refers to the quantity at which supply and demand are equal at a new price level after changes in the market.

Law of Demand

A principle stating that as the price of a product decreases, the quantity demanded increases, and vice versa, all else being equal.

Education Provided

The act or process of imparting or acquiring knowledge, skills, or values through various methods such as schooling, training, or research.