business firm refers to
A) a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
B) a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit.
C) a privately owned organization that serves its customers to earn a profit so that it can survive.
D) a group of people united through contractual or corporate ownership.
E) a publicly owned organization that serves the general population.

Question

Quizplus · Accepted Answer

A business firm refers to a privately owned organization that serves its customers to earn a profit so that it can survive. Option A describes a business unit or division, while option B describes a non-profit organization. Option D is too broad and could refer to any group of people with ownership. Option E refers to a specific type of ownership (publicly owned) but does not specify the purpose or function of the organization.

Business Firm Refers to