Competition and Market Structures

Front

What is a business owned and run by one person who receives all profits and is responsible for all debts?

Back

Sole proprietorship

Front

What is a basic good used in commerce that is interchangeable with other goods of the same type, like oil or wheat?

Back

Commodity

Front

What is a business model where an individual can operate a branch of a larger company using its brand and system?

Back

Franchise

Front

What is a market structure where a few large companies control most of the industry and its prices?

Back

Oligopoly

Front

What is the term for situations where the government is the sole provider of a service or product, often because it is essential for public welfare?

Back

Natural monopoly

Front

What is the term for a market structure with many firms competing against each other, where no single firm can influence the market price?

Back

Perfect competition

Front

What is a business structure where two or more individuals share ownership and responsibilities?

Back

Partnership

Front

What is a market structure where one company is the sole provider of a product or service?

Back

Monopoly

Front

What is the term for a business that is owned by shareholders and operates as a separate legal entity?

Back

Corporation

Front

What is the economic term for the additional benefit received from consuming one more unit of a good or service?

Back

Marginal utility