A corporation's board of directors
A) hire the managers of the corporation.
B) control the day-to-day activities of the corporation.
C) are personally liable for the debts of the corporation.
D) are the sole owners of the corporation.
Answer: A
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In the long run in monopolistic competition, all economies of scale are exhausted
a. True b. False
A change in price that is accompanied by a change in income sufficient to leave a consumer's well-being unchanged is called:
A. an uncompensated price change. B. a compensated price change. C. an income adjusted price change. D. the income effect.
When demand is elastic, a fall in price causes total revenue to rise because
A) when price falls, quantity sold increases so total revenue automatically rises. B) the increase in quantity sold is large enough to offset the lower price. C) the percentage increase in quantity demanded is less than the percentage fall in price. D) the demand curve shifts.
The size of the MPC is assumed to be:
A. less than zero. B. greater than one. C. greater than zero but less than one. D. two or more.