The cumulative voting system used by firms in the election of directors allows:
A. a large minority shareholder to elect some directors even if their election is opposed by the majority of shareholders.
B. the blockholders to elect some directors even though they are barred from participating in the internal decision making.
C. large shareholders to nominate board members through the normal proxy process without any legal binding.
D. the prospective candidates for the board of directors to manipulate the federal laws and regulation.
Answer: A
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A) similar; both firms produce at the minimum ATC B) similar; both firms make zero economic profit C) not similar; monopolistically competitive firms set P = MC to maximize profits D) not similar; monopolistically competitive firms can make an economic profit and perfectly competitive firms cannot
The major factor contributing to the depreciation of the dollar in 2007-2008 was:
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