Market Structures and Business Organizations

In which market structure are the products identical?

• Perfect competition

• Oligopoly

• Monopoly

• Monopolistic competition

What is the difference between a partnership and a sole proprietorship?

• A partnership doesn't get taxed

• In a partnership, more than one person receives profits

• A sole proprietorship doesn't get taxed

• A sole proprietorship doesn't last long

Which market structure has barriers that control entry into it?

• Oligopoly

• Monopoly

• Monopolistic competition

• Corporation

Why does a corporation business organization get taxed "twice"?

• Because it makes too much money

• Because it is the largest type of business organization

• Corporate and individual taxes

• To stop people from making corporations

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

• A perfect competition has easier entry

• There are no differences

• Consumers control price in a perfect competition

• Products are not identical in a monopolistic competition

Which type of business organization is your local Subway?

• Corporation

• Sole proprietorship

• Partnership

• Franchise

In which market structure is there no "real" price competition?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

How do monopolies control markets?

• There is no other substitutes

• They have established a reputation no one else can match

• Barriers control entry into these markets

• All of the above are true

How is a franchise different from a corporation?

• A franchise is a business owner who pays to use the corporation's products/services

• A franchise uses a well established brand

• A corporation is bigger

• They are both the same

Which market has few barriers to entry AND some control over price?

• Monopolistic competition

• Perfect competition

• Monopoly

• Oligopoly