If a corporation goes bankrupt, bondholders have ________ on the firm's assets
A) second claim, after stockholders, B) no claim
C) first claim D) third claim, after the IRS and stockholders,
C
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Which of the following statements is true?
A) The total cost of production in a perfectly competitive market can be minimized only when the marginal costs across firms in the market are different. B) When a competitive market is allowed to operate efficiently, firms end up producing goods using the least amount of scarce resources. C) Under a perfectly competitive framework, a ruling authority is essentially required to dictate goals for the betterment of society. D) A firm interested in maximizing profits in a perfectly competitive market will produce output at a level where marginal revenue is equal to the price and greater than the marginal cost.
How does the elasticity of demand influence the incidence of a tax, the tax revenue, and the deadweight loss?
What will be an ideal response?
"The marginal utility received from each additional unit of a good consumed declines, other things constant." This is a statement of the law of
a. increasing marginal returns b. marginal rate of substitution c. supply d. diminishing marginal utility e. demand
An economic variable that measures something at a particular point in time is called a _____
a. stock variable b. periodic variable c. dummy variable d. flow variable e. constant variable