Microeconomics Review

This Market Structure is characterized by having:

Large # of large sellers

Some price control

Non-Price Competition

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

This Market Structure is characterized by having:

Only a few large sellers

High product identity (differentiation)

Interdependence

Possible Cartels

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

This Market Structure is characterized by having:

Infinite small sellers

identical products

no price control

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

This Market Structure is characterized by having:

1 seller

total price control

inefficiency

total barriers to entry

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

This type of BUSINESS ORGANIZATION is characterized by having:

Ease of start up

total control

the ability to change focus quickly

• Sole Proprietorship

• Partnership

• Corporation

This type of BUSINESS ORGANIZATION is characterized by having:

Protection of private assets

Ability to raise money

Ability to have owners specialize in a specific tasks

• Sole Proprietorship

• Partnership

• Corporation

This type of BUSINESS ORGANIZATION is characterized by having:

Infinite Lifespan

Raise LOTS of money quickly

Owners are only liable for their investment

• Sole Proprietorship

• Partnership

• Corporation

This type of BUSINESS ORGANIZATION is characterized by having:

Changing focus slowly

Being highly regulated

• Sole Proprietorship

• Partnership

• Corporation

This type of BUSINESS ORGANIZATION is characterized by having:

Unlimited Liability

Unlimited Profits

Personal Assets can be seized

• Sole Proprietorship

• Partnership

• Corporation

This type of BUSINESS ORGANIZATION is characterized by:

Being the hardest split up after death

Being Liable for someone else's decisions

• Sole Proprietorship

• Partnership

• Corporation