Multiple Choice
Which of the following is a characteristic of a corporation but not of a small family-owned business?
A) The firm buys inputs in markets for the factors of production.
B) The firm sells output in markets for goods and services.
C) The firm is guided in its decisions by the objective of profit maximization.
D) The firm faces a principal-agent problem created by the separation of ownership and control.
Correct Answer:
Verified
Correct Answer:
Verified
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