A Business in the Form of a Sole Proprietorship ________

question 37

Multiple Choice

A business in the form of a sole proprietorship ________.

• A)is separate and distinct from its owner
• B)is a separate legal entity
• C)files its own tax return
• D)is a company with a single owner

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Definitions:

MRP

Marginal Revenue Product, which is the additional revenue generated by employing one more unit of a resource, such as labor or capital.

Marginal Revenue Product

The supplementary income produced by the application of one more unit of a factor or resource in production.

Wage Rate

The amount of compensation an employee receives per unit of time or per task completed, typically expressed in terms of dollars per hour.

Marginal Revenue Product

The supplementary income derived from the deployment of an extra unit of a production resource, like manpower or assets.