Competition and Market Structures

Front

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

Back

Oligopoly

Front

Which business structure protects its owners from personal liability while allowing flexibility in management and taxation? Options: Sole proprietorship, Partnership, Corporation, Limited liability company (LLC)

Back

Limited liability company (LLC)

Front

What is it called when two companies at different stages of production combine to improve efficiency and reduce costs?

Back

Vertical integration

Front

What are rules created to prevent companies from unfairly limiting competition in the market?

Back

Antitrust laws

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

Back

Franchise

Front

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

Back

Sole proprietorship

Front

What is it called when two companies in the same industry join together to increase their market share and reduce competition?

Back

Horizontal merger

Front

What is a situation where one company is the only provider of a product or service, giving it complete control over the market?

Back

Monopoly

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