15. A timited liability company (LLC) is a hybrid of: A. Sole proprietorship and corporation B. Sole proprietorship and partnership rC. Corporation and parnership 16. Which of the following actions by a financial manager is more likely to ereate an agency problem? A. Refusing to borrow money when borrowing will creato losses for the firm B. Opening new outlets if doing so increases his/her compensation but lowers the firm value C. Acquiring a company that is value-destroying but will increase firm size 17. Buying and selling of proviously issued securities occurs between investors in: A. Primary market B. Secondary market 18. Long-term financing arrangements are available in: A. Money market B. Capital market 19. If share prices fully reflect all information-historical, public, and private, the market is: A. Weak form efficient B. Semi-strong form efficient C. Strong form efficient D. Incfficient 20. Who has a residual claim on the firm's income? A. Customers B. Managers C. Legislators D. Shareholders