Quiz #5- Archives 11, 12, and 13 (and some review)

A business organization made of up 2-10 people sharing in liability, decision-making, and profit

• Frachise

• Corporation

• Sole Proprietor

• Partnership

The amount of risk involved in owning a business

• Opportunity Cost

• Liability

• Costs

• Incentive

A business organization where the business is owned by numerous stock holders

• Corporation

• Franchise

• Partnership

• Sole Proprietor

When a group of businesses acts like a monopoly

• Perfect Competition

• Franchise

• Cartel

• Corporation

Specific actions you take (like logos, advertising, customer service, decoration) to get customers to your store

• Benefit

• Trade-offs

• Market

• Non-price Competition

The obstacles to overcome to start a business (education, materials, resources, machinery, money)

• barriers to entry

• non-price competition

• de-regulation

• franchising

A babysitter market is categorized as what type of market structure?

• franchise

• corporation

• perfect competition

• oligopoly

Which of the following is a characteristic of a monopoly?

• The product is similar to ones offered by competitors

• There is little control over price in this market

• There are many producers in this market

• There are many barriers to entry into this market

An industry that is dominated by only a few firms and is difficult for other firms to enter is in which market structure category? (cereal makers, auto makers, airlines)

• Sole-proprietor

• Oligopoly

• Monopoly

• Perfect competition

Which of the following is the least risky to own?

• perfectly competitive business

• partnership

• sole-proprietor

• corporation