A business firm owned by a single individual is called a
A) monopoly.
B) closed shop.
C) proprietorship.
D) plant.
E) trust.

Question

Quizplus · Accepted Answer

A proprietorship is a type of business organization in which a single individual owns and manages the business. The individual is responsible for all aspects of the business, including its profits and losses. This form of business is relatively easy and inexpensive to set up and operate, but the owner has unlimited personal liability for the business's debts and obligations. Monopoly refers to a situation in which a single firm dominates a particular market. Closed shop refers to a workplace in which membership in a labor union is a requirement for employment. Plant refers to the physical facilities of a business, such as its machinery and equipment. Trust refers to a legal arrangement in which assets are held by one party (the trustee) for the benefit of another party (the beneficiary).

A Business Firm Owned by a Single Individual Is Called