Name the organization that is managed by those who use its facilities ?
Correct answer: D. Cooperative
- A. Limited Company
- B. Society
- C. Corporation
- D. Cooperative
Explanation
A cooperative is owned and managed by the people who use its services, such as its members or customers. A limited company is managed by appointed directors rather than necessarily by facility users.
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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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