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.

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.

c

explanation:

answer/// equals both average variable cost and average total cost at their respective minimums;