A Business Formed by Two or More Individuals Who Each

question 3

Multiple Choice

A business formed by two or more individuals who each have unlimited personal liability for all of the firm's debts is called a:

• A)corporation.
• B)sole proprietorship.
• C)general partnership.
• D)limited partnership.
• E)limited liability company.

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Definitions:

Parking Rates

The fees charged for the use of parking spaces, often varying based on location, time, and demand.

MR

Marginal Revenue, which is the additional income generated from selling one more unit of a good or service.

MC

An abbreviation for Marginal Cost, referring to the expense associated with producing an additional unit of output.

Capacity

The maximum output that a business, plant, or facility can produce under normal conditions.