Which Form of Business Organization Is Established as a Separate

question 13

Multiple Choice

Which form of business organization is established as a separate legal entity?

• A)Sole proprietorship
• B)Partnership
• C)Corporation
• D)None of these

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Definitions:

Marginal Cost

The outlay for creating another unit of a product or service.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Output

The total amount of goods or services produced by a company, industry, or economy within a specific period.

Labor

The human effort, including physical and mental efforts, used in the production of goods and services.