Public companies are companies that
A. have sold shares of stock to the general public.
B. act as financial intermediaries.
C. have not yet had an initial public offering.
D. are owned or managed by the federal government.
Answer: A
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In the figure above, suppose that $20 is the market equilibrium price. Which area is the consumer surplus?
A) A B) B C) A + B D) B - A E) B รท A
Which of the following would cause both the equilibrium price and equilibrium quantity of oysters (assume that oysters are a normal good) to decrease?
A) an oil spill that sharply reduces oyster output B) a decrease in consumer income C) a technological advancement in the production of oysters D) an increase in consumer income
Refer to Figure 18-1. Of the tax revenue collected by the government, the portion borne by consumers is represented by the area
A) B + C + F + G. B) E + H. C) F + G. D) B + C.
Sylvia allocates her monthly income between Food and Housing. Her budget share spent on food in a given month is always 30%, and for Sylvia, food is a "necessity" (income elasticity between zero and one)
Derive the maximum and minimum values for the income elasticity of demand for housing.