Which of the Following Lists the Three Types of Firms

question 30

Multiple Choice

Which of the following lists the three types of firms in the United States from smallest to largest in terms of volume of sales in 2012?

• A)Partnerships, sole proprietorships, corporations
• B)Sole proprietorships, partnerships, corporations
• C)Sole proprietorships, corporations, partnerships
• D)Corporations, partnerships, sole proprietorships
• E)Partnerships, corporations, sole proprietorships

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Definitions:

Consumer

A person or collective that buys products and services for private consumption.

Seller

An individual or entity that offers goods or services in exchange for financial compensation.

Tax

A binding financial duty or another sort of imposition inflicted upon a taxpayer by a governmental unit for financing government activities and numerous public allocations.

Elasticity of Demand

An assessment of the extent to which the demand for a product or service varies following a price alteration.