Aqua,LLC Is a Member-Managed LLC

question 40

Multiple Choice

Aqua,LLC is a member-managed LLC.Andrew,a member,agrees to resolve a dispute with a customer by submitting the claim to binding arbitration.This action by Andrew is:

• A)legally binding on Aqua.
• B)not legally binding on Aqua.
• C)legally binding on Aqua if the claim is under $1,000.
• D)not legally binding on Aqua until approved by a court.

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Definitions:

Total Utility

The total satisfaction received from consuming a given total quantity of a good or service.

Income

The money received by an individual or business in exchange for labor, services, or investment, constituting a basis for consumption and savings.

Consumer Equilibrium

The point at which the amount of goods purchased by a consumer is equal to their preference at prevailing market prices, maximizing utility.

Utility

The satisfaction or benefit a consumer derives from consuming a good or service.