How is termed the legal proceeding in which debtor remains unable to pay his creditors in full ?
Correct answer: A. Bankruptcy
- A. Bankruptcy
- B. Default
- C. Total loss
- D. Crash
Explanation
Bankruptcy is the legal process used when a debtor cannot meet obligations to creditors in full. Default simply means failure to make a required payment and does not always involve legal bankruptcy proceedings.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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