Business Organizations and Market Structures

Front

What are the three types of business organizations?

Back

sole proprietorship, partnership, and corporation

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Front

Which type of business organization is owned and operated by a single individual?

Back

sole proprietorship

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Front

What is the main advantage of a partnership?

Back

Shared responsibility and workload

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Front

What is a corporation?

Back

a legal entity that is separate and distinct from its owners.

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Front

What is the difference between a monopoly and a perfect competition?

Back

Monopoly is a market structure with one seller, while perfect competition has many sellers.

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Front

How many sellers are in a monopoly?

Back

1

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Front

Who controls the prices in perfect competition?

Back

Consumers

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Front

How does a monopoly affect consumer choice and competition?

Back

restricts consumer choice and reduces competition.

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Front

What is the difference between a monopoly and an oligopoly?

Back

monopoly has one seller; oligopoly has a few

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Front

In perfect competition, are there any barriers to entry for new firms?

Back

No

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