GSE SSEMI3 Business Organizations and Market Structures

An industry that is dominated by a few large firms is

• monopolistic competition.

• a monopoly.

• perfect competition.

• an oligopoly.

SSEMI3 b This market structure has a large number of buyers and sellers with identical products

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

SSEMI3 b This is a market structure with a large number of buyers and sellers of products that are similar but can be differentiated by brand, quality, etc.

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

SSEMI3 b Which market structure, other than a monopoly, would have the highest barrier to entry?

• Oligopoly

• Pure Competition

• Monopolistic Compeitition

SSEMI3 b Coca-Cola Company and Pepsi Company control roughly 73% of the carbonated (soft drink) soda market. What market structure would this be considered?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

SSEMI3 b If you live in Augusta/Richmond County and do not have a well system, then you are on city water and sewer. This is an example of a

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

List the four market structures in order from least competitive to most competitive.

• Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition

• Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition

• Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

• Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

There are many sellers of blue jeans. Each blue jean seller makes their product slightly different to set it apart from others. There is free entry and exit into the blue jean market. Which market structure does this describe?

• Perfect Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

In a sole proprietorship, liability is

• General

• Limited

• Unlimited

• There is no liability.

One DISADVANTAGE of a corporation is that

• it has limited liability.

• it has unlimited liability.

• it is taxed twice.