Duplicate of Business Organizations & Market Structures

What is the most common form of business?

• Partnership

• Corporation

• LLC

• Sole Proprietorship

For an industry to be perfectly competitive, what must exist?

• many firms selling similar items

• many consumers wanting different items

• many firms selling different items

What type of market structure has no barriers to entry, and products are identical?

• monopoly

• oligopoly

• perfect Competition

• monopolistic competition

What is the market structure of Pepsi and Coke?

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Mr. Simpson is liable for all the debts of his company. What type of business organization is this?

• monopoly

• corporation

• conglomerate

• sole proprietorship

A utility (ex. a power company) which controls all services in a designated area is called?

• trust

• cartel

• devised oligopoly

• natural monopoly

Which markets compete in non-price competition?

• monopolistic competition and oligopoly

• monopoly and monopolistic competition

• oligopoly and perfect competition

• perfect competition and monopolistic competition

Columbia Tires and Pacific Tires together control 75% of the tire market in the country. What would this be?

• a monopoly

• an oligopoly

• a perfect competition

• a monopolistic competition

What type of business organization can raise capital the easiest?

• sole proprietorship

• partnership

• corporation

• non-profit

Who runs corporations?

• the ceo

• board of directors

• secretary

• stockholders