A proprietorship is
A. a business owned by one individual that employs 10 or fewer workers, and has been in business less than 15 years.
B. a form of business in which the stock of the company is closely held by members of one family.
C. a business owned by one individual who receives the profits and is legally responsible for the debts of the firm.
D. a business with annual sales of less than $50,000 a year.
Answer: C
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Producer surplus is always the total area below the demand curve and above the supply curve
a. True b. False Indicate whether the statement is true or false
The fact that most medical care purchases are financed through insurance:
A. has no effect on health care consumption because aggregate costs are the same regardless of payment method. B. reduces the amount of health care consumed by raising the price of additional units of care. C. has decreased health care costs and therefore reduced aggregate health care expenditures. D. increases the amount of health care consumed by reducing the price of additional units of care.