Which of the Following Is False

question 40

Multiple Choice

Which of the following is false?

• A)A large partnership must not be a service partnership.
• B)A large partnership must have fewer than 100 partners.
• C)A large partnership must not be engaged in commodity trading.
• D)A large partnership is subject to a different system of audits.

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Definitions:

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.

Allocative Efficiency

A condition where resources are distributed according to consumer preferences, optimizing utility for both producers and consumers.

Production

The process of creating goods or services by combining various inputs like labor, materials, and technology.

Total Revenue

The total income a firm receives from selling its products or services, calculated by multiplying the price per unit by the number of units sold.