Unit 03 - Markets, Businesses, and Labor

Front

Assume there’s a market with differentiated yet similar products and a very high level of competition among the many firms competing. What type of market structure does this scenario describe?

Back

Monopolistic Competition

Front

If a business is the only one selling a product in a specific market, then what type of market structure is this business in?

Back

Monopoly

Front

This market structure has the highest level of competition, and the price is completely determined by the forces of supply and demand.

Back

Perfect Competition

Front

If businesses in this type of market structure collude to set fixed prices, they are often called a cartel; this is illegal in the United States.

Back

Oligopoly

Front

What type of business organization does Jimmy have if he is the sole owner and assumes all profits and losses of the company? Options: Sole Proprietorship, Cooperative, Partnership, Corporation

Back

Sole Proprietorship

Front

Law firms are frequently organized this way; two or more owners split profits and losses.

Back

Partnership

Front

These businesses have their stock available for purchase and anyone can become a shareholder. They face heavy taxation and close government regulation.

Back

Corporation

Front

If you wanted to open one of these business organizations, you would purchase exclusive trademark rights and policies from a parent company. Then you would open a brick and mortar recognizable to the public because it’s already an established brand.

Back

Business Franchise

Front

Unions use this method of negotiating on behalf of their members to employers.

Back

Collective Bargaining

Front

When you join a company with this type of union, you must become a union member once you’re hired.

Back

Union Shop