An enterprise that has only one shareholder does not constitute a corporation
a. True
b. False
Indicate whether the statement is true or false
False
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To maintain their economic profits, firms in monopolistic competition must continually engage in
A) product innovation and development. B) lowering their product's price. C) raising their product's price. D) realizing short-run losses. E) making the demand for their product more elastic.
If a firm is producing an output rate at which marginal cost is equal price, the firm
A) is maximizing profits. B) should increase its output level. C) should reduce its output level. D) will not be covering its fixed cost.
Which of the following would not account for the observed wage differential between African Americans and whites in the United States?
a. differences in the quantity of on-the-job training b. differences in the quality of education c. discrimination by employers d. differences in job experience e. differences in access to public assistance programs
Wage differentials exist in the long run because
a. labor markets are perfectly competitive b. all jobs are equally attractive to all workers c. the prices of goods vary by market d. there are too many workers in the labor force e. not all workers are equally qualified to perform every job