The Revised Model Business Corporation Act Mandates That All Corporations

question 73

True/False

The Revised Model Business Corporation Act mandates that all corporations (other than
single-member corporations)maintain a board of directors with at least three members who are independent of the officers and shareholders.

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Definitions:

Labor Force

The labor force comprises all the working-age people in an economy who are either employed or actively looking for work.

Monopsony

A market condition where there is only one buyer for a product or service, giving the buyer significant power over prices and terms of sale.

Collective Bargaining

The process by which employers and a group of employees negotiate wages, working conditions, and other employment terms.

Strikes

A work stoppage caused by the mass refusal of employees to work, usually in protest against work conditions, pay levels, or company policies.