What is the law in a city that designates separate areas for residency and business?
Ava Robinson
Published Mar 15, 2026
Chapter 8: Business Organizations
| A | B |
|---|---|
| Sole Proprietorship | a business owned and managed by a single individual |
| Business License | authorization to start a business issued by the local government |
| Zoning law | law in a city or town that designates separate areas for residency and for business |
What term describes a state law that establishes rules for partnerships?
business organization. if a sole proprietorship fails, the owner of the business. must pay all the business debts. the ________ is a state law that establishes rules for partnerships. uniform partnership act.
When an establishment is formed to carry on a commercial enterprise is called a?
Business organization. An establishment formed to carry on commercial enterprise. Sole proprietorship.
What is the difference between a limited partnership and a limited liability partnership quizlet?
The difference between a limited partnership and an LLLP is that the liability of the general partner in an LLLP is the same as the liability of the limited partner. The limited partner assumes no liability for partnership debts beyond the capital contributed.
What kind of market runs most efficiently when one large firm is allowed to supply all of the output?
Economics Chapter 7 Terms
| A | B |
|---|---|
| natural monopoly | a market that runs most efficiently when one large firm supplies all of the output |
| government monopoly | a monopoly created by the government |
| patent | a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time |
What is the major difference between corporations and all other kinds of businesses?
What is the major difference between a corporation and other kinds of businesses? A corporation is a separate entity apart from that of the owners. A corporation is not responsible for its debts if it fails. A corporation is much larger than other kinds of businesses.
What is one of the major disadvantages of corporations?
Advantages of a corporation include personal liability protection, business security and continuity, and easier access to capital. Disadvantages of a corporation include it being time-consuming and subject to double taxation, as well as having rigid formalities and protocols to follow.
What is a business owned and managed by a single person called?
A sole proprietorship is a business owned and managed by a single individual. That person earns all of the firm’s profits and is responsible for all of the firm’s debts.
What are three different types of partnerships and how do they differ?
The three types of partnership are general partnership, limited partnership, and limited liability partnership. In a general partnership, partners share management of the business and each one is liable for all business debts and losses.
What kind of a market runs the most efficiently when one large firm is allowed to produce all of the output because it is too expensive or inefficient to have more than one firm in the field?
natural monopoly
Because their costs are higher, small-scale producers can simply never compete with the larger, lower-cost producer. In this case, the natural monopoly of the single large producer is also the most economically efficient way to produce the good in question.
How does a perfect market influence output?
How does a perfect market influence output? Each firm adjusts its output so that it’s costs, including profit, are covered. Why does a perfectly competitive market require buyers and sellers? So no individual can control the price.
Which of the following is a disadvantage of corporations?
The disadvantages of a corporation are as follows: Double taxation. Depending on the type of corporation, it may pay taxes on its income, after which shareholders pay taxes on any dividends received, so income can be taxed twice. Excessive tax filings.
