Judicial Dissolution of a Corporation Can Be Instituted by the Attorney

question 3

Multiple Choice

Judicial dissolution of a corporation can be instituted by the attorney general of the state of incorporation if the corporation ________.

• A) procured its articles of incorporation through fraud
• B) did not pay its franchise fee
• C) failed to file an annual report
• D) failed for 60 days to maintain a registered agent in the state

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Definitions:

Producer Surplus

The difference between the amount that producers are willing and able to sell a product for and the actual amount they do sell it for.

Consumers Surplus

The gap between the aggregate sum consumers are ready and capable of paying for a good or service versus what they actually shell out.

Elastic Demand

A market condition where the quantity demanded of a good or service significantly changes in response to a change in price.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.