When a business has multiple absentee owners with limited liability it is a_____________?
Correct answer: D. corporation
- A. partnership
- B. proprietorship
- C. trust
- D. corporation
Explanation
A corporation is a separate legal entity owned by shareholders, who may be numerous, absent from daily operations and protected by limited liability. A partnership generally involves active owners and does not fit this description as precisely.
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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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