Name the organization in which people are associated together for a common purpose under a common name. This organization is recognized and created by law ?
Correct answer: B. Corporation
- A. Company
- B. Corporation
- C. Cooperative
- D. Limited Company
Explanation
A corporation is a legally created organization treated as a separate entity from its members, which allows it to own property and conduct business in its own name. A cooperative is specifically organized around the shared interests of its users or members.
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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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