Which of the following statements is a defining feature of a corporation?
a. The owners of a corporation face unlimited liability on debts.
b. A corporation owns and operates units only in foreign countries.
c. A corporation is created by a verbal agreement.
d. A corporation that is based on a verbal agreement is also recognized by State law.
e. A corporation has a legal identity that is separate from that of its owners.
e
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Define a sole proprietorship
What will be an ideal response?
Long-run equilibrium under monopolistic competition is similar to that under perfect competition in that
A) firms earn normal profits. B) price equals marginal revenue. C) price equals marginal cost. D) firms produce at the minimum point of their average cost curves.
Assume a competitive market has firms earning large economic profits. What is expected to happen over time in this competitive market and to firm's profits?
In the aggregate demand and aggregate supply model, the point where the aggregate demand curve crosses the long run aggregate supply curve, and the expected price level equals the actual price level, is known as what?