WAEC - Economics (2010 - No. 16)
A firm is said to be a public joint stock company when it
is owned by the government
sells its shares to members of the public
operates as a government corporation
is not legally recognized as a firm
Explanation
A public joint stock company is a business association engaged in a business for profit making, with ownership interests represented by sales of shares/stock to the public. This business entity has share capital divided into shares of equal nominal value.