PBA #2

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Perfect Competition

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A market structure where many firms offer a homogeneous product. There are no barriers to entry, and no single firm can influence the market price.

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Monopoly

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A market structure where a single firm controls the entire market. This firm is the sole provider of a product or service, and it can influence the market price.

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Oligopoly

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A market structure characterized by a small number of firms that have significant market power. These firms can influence prices and other market factors.

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Monopolistic Competition

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A market structure where many firms sell products that are similar but not identical. Each firm has some market power and can influence prices.

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Collusion

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An agreement between firms in the same industry to cooperate for mutual benefit, often to set prices or output levels.

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Cartel

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A formal organization in an industry to coordinate prices and production. Cartels are often illegal due to their anti-competitive nature.

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Sole Proprietorship

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A business owned and operated by a single individual. The owner is personally responsible for all debts and liabilities.

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Partnership

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A business organization where two or more individuals manage and operate the business. Partners share profits, losses, and liabilities.

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Corporation

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A legal entity that is separate from its owners. Corporations can own assets, incur liabilities, and sell stock to raise capital.

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Franchise

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A business model where a business owner licenses trademarks and methods to an independent entrepreneur. The franchisee operates a business under the franchisor's brand.