Unit 4 Economics Review

Which of the following is not a barrier to entry?

• Limited access to resources

• Large Start-up costs

• Potential to make a large profit

• Patents

What is the term for all of the businesses that make a specific type of product?

• Corporation

• Perfect Competition

• Market

• Barriers to Entry

What type of market structure is it when a market is controlled by a handful of businesses (3-5)?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What type of market structure is it when a market is controlled by one company?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What type of market structure is it when a market is filled with many sellers who sell similar but differentiated products?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What type of market structure is it when a market has many businesses selling the exact same product?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What act made monopolies illegal in the United States?

• The Fair Trade Act

• The Antimonopoly Act

• The Monopoly Act

• The Sherman Antitrust Act

What is it called when a business has legal responsibility for any debts that it owes?

• Monopoly

• Stocks

• Liability

• Inflation

What is the type of business that is owned by a single person?

• Sole Properitorship

• Partnership

• Corporation

What is the type of business that is a separate legal entity (thing) from the owners?

• Sole Properitorship

• Partnership

• Corporation