Which of the following is the most accuatetatement abaut a firm? Types of firms

Question

Which of the following is the most accuatetatement abaut a firm? Types of firms are limited to sole proprietorships, partnerships, and corporations. Types uf firms are limited to sole proprietorships, partnerships corporations and non-profits. A firm is defined as a legal entity that trades shares of stock on the stock market. A firm is not something that ca b defied or characterized. A firm buys factors of production in the factor market and cnordinates their use to produce gonds and services for the praduct market.

Explanation / Answer

Types of firms also include limited liability companies where the liability of the company extends to the amount invested in the company by the owners. In addition, a firm is made for the purpose of generating profits.

The most accurate statement about a firm is that

A firm buys factors of production in the factor market and coordinates their use to produce goods and services for the product market.

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