Which of the Following Is an Association of Two or More

question 41

Multiple Choice

Which of the following is an association of two or more persons to carry on as co-owners a business for profit?

• A) A joint operation
• B) A combined partnership
• C) A partnership
• D) A joint business arrangement
• E) A primary partnership

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Definitions:

Fixed Input

A resource or factor of production whose quantity remains constant regardless of the level of output or activity.

Short Run

A period in economics where at least one input is fixed and cannot be changed, limiting the ability to increase production.

Long Run

A period of time in economics wherein all inputs and factors of production can be varied, with no fixed factors.

Variable Inputs

Resources or factors of production that can be adjusted in the short run to meet changes in demand.