What does mean by Franchise__________________?
Correct answer: D. All of the above
- A. A privilege or right officially granted by a person or group by a government
- B. Authorization granted to someone to sell or distribute a company's goods or service in certain area
- C. Territory or limits within which immunity, privilege or right may be exercised
- D. All of the above
Explanation
A franchise may mean a granted privilege, authorization to operate or distribute goods under a company's name, or the territory in which that right applies. Since all three descriptions fit recognized uses of the term, “all of the above” is appropriate.
Last updated
About Microeconomics
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.
Practise Microeconomics
1,705 free Microeconomics MCQs from Economics, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Exams that ask Economics questions like this
Economics is on 2 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
Related questions
_____ 1954 study of U.S trade patterns showed that U.S exports were labor-intensive compared with U.S imports, even though the United States was widely regarded as a relatively capital-abundant nation ?
A attempts to limit outsourcing of jobs to foreigners by requiring that a minimum percentage of a product's value must be produced domestically if that good is to be sold in the domestic market ?
A binding price ceiling creates?
A borrower gives to creditor a security to grantee repayment of a loan. What is this security called ?
A buyer's willingness to pay is that buyer's ?