A corporation is owned by its
A) employees. B) stockholders. C) CEO. D) board of directors.
B
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The short run is best defined as:
A. a period of time sufficiently short that at least one factor of production is fixed. B. one year or less. C. the period of time between quarterly accounting reports. D. a period of time sufficiently short that all factors of production are variable.
Corporate profits are taxed by state and local governments, but not by the federal government
Indicate whether the statement is true or false
Firms should use a resource up to a point where MRP = P.
Answer the following statement true (T) or false (F)
The budget constraint for a consumer who only buys apples (
A) and bananas (B) is PAA + PBB = I where consumer income is I, the price of apples is PA, and the price of bananas is PB. To plot this budget constraint in a figure with apples on the horizontal axis, we should use a budget line represented by the slope-intercept equation: A) A = -I/PA + (PB/PA)B B) A = I/PA - (PB/PA)B C) B = -I/PB + (PA/PB)A D) B = I/PB - (PA/PB)A