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14 February, 11:14

Which of the following statements is correct? A. Economists use the terms firm, company, and business interchangeably. B. A business is always larger than a firm. C. A company is owned by one person, while a firm is owned by more than one person. D. A business has multiple locations, while a company has only a single location.

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  1. 14 February, 14:55
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    The answer is: A) Economists use the terms firm, company, and business interchangeably.

    Explanation:

    Though they aren't exactly the same, they are quite similar, so economists use them as synonyms.

    A firm is a company that sells products or services for a profit.

    A company is a legal entity (separate from the owner) that operates a business. It can be a sole proprietorship, a partnership, or a corporation.

    A business is an organization that trades products or services for money.
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