An Individual or Organization Granting a License to Operate an Individually

question 212

Multiple Choice

An individual or organization granting a license to operate an individually owned business as though it were part of a chain of outlets or stores is a(n)

• A) franchise.
• B) franchisor.
• C) franchisee.
• D) venture capitalist.
• E) entrepreneur.

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Definitions:

Technical Support Center

A dedicated facility or service that provides technical assistance and support to customers for various products or services.

Marginal Product of Labor

The additional output produced as a result of employing one more unit of labor, holding other inputs constant.

Equilibrium Outcome

This term describes a state in a market or game where all participants' actions are balanced, and no incentive exists to deviate from the chosen strategy.

Monopoly Wage Rate

The wage setting behavior of a monopolist employer who might set wages below competitive levels due to lack of competition in the labor market.