Refer to the information provided in Figure 16.2 below to answer the question(s) that follow. Figure 16.2Refer to Figure 16.2. The unregulated (market) amount of cars is

A market is classified as an oligopoly when

A) a few firms compete. B) many firms produce a slightly differentiated product. C) no matter how many firms are in the market, a barrier blocks entry by other new firms. D) many firms produce the same product. E) only one firm sells a product with no close substitutes.

If a proprietorship converts to a corporation form of business organization, it gives up control of day-to-day operations to the

a. bondholders b. shareholders c. owners d. management e. board of directors