The Bylaws of a Corporation

question 14

Multiple Choice

The bylaws of a corporation:

• A) take precedence over the articles of incorporation.
• B) must be filed in the appropriate state office.
• C) are not binding on the officers and directors of the corporation.
• D) govern the internal management of the corporation, and typically include the time and place of the annual shareholders' meeting.
• E) may be amended only by the board of directors.

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Definitions:

AVC Curve

Stands for Average Variable Cost curve, illustrating the average variable costs of production at different output levels.

ATC Curve

Average Total Cost Curve, a graphical representation showing how the average cost of producing one unit of goods changes with the level of production.

Average Fixed Cost

Average Fixed Cost is the fixed expenses of a company divided by the number of units produced, decreasing as production increases.

Marginal Product

The extra output or benefit received from using one more unit of a variable input.