Sole proprietorships produce more goods and services than does any other form of business organization.
Which of the following did not occur during the Industrial Revolution?
A)Production became more reliant on highly specialized equipment.
B)A more efficient division of labor was promoted.
C)Workers bore much of the costs of production.
D)The transaction costs of contracting with individual resource owners were reduced.
E)Technological development increased the productivity of most workers.
A large number of businesses are organized as sole proprietorships because it is easy for them to acquire large sums of financing.
The partnership is the least common form of business organization in the United States.