Business Organizations and Market Structures

What are the three types of business organizations?

• sole proprietorship, partnership, and corporation

• government agency, trust, and association

• franchise, joint venture, and limited partnership

• limited liability company, cooperative, and non-profit organization

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SSEMI3

Which type of business organization is owned and operated by a single individual?

• partnership

• sole proprietorship

• corporation

• limited liability company

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SSEMI3

What is the main advantage of a partnership?

• Limited liability

• Centralized decision-making

• Higher tax rates

• Shared responsibility and workload

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SSEMI3

What is a corporation?

• a government agency.

• a legal entity that is separate and distinct from its owners.

• a non-profit organization.

• a type of partnership.

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SSEMI3

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

• Monopoly is a market structure with many sellers, while perfect competition has one seller.

• Monopoly is a market structure with no sellers, while perfect competition has many sellers.

• Monopoly is a market structure with one seller, while perfect competition has no sellers.

• Monopoly is a market structure with one seller, while perfect competition has many sellers.

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SSEMI3

How many sellers are in a monopoly?

• 1
• 4
• 3
• 2

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SSEMI3

Which TWO market structures have high barriers to entry?

• perfect competition

• oligopoly

• monopoly

• monopolistic competition

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SSEMI3

Who controls the prices in perfect competition?

• Consumers

• Sellers/firms

• The Government

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SSEMI3

How does a monopoly affect consumer choice and competition?

• restricts consumer choice and reduces competition.

• increases consumer choice and encourages competition.

• no effect on consumer choice and competition.

• restricts consumer choice and promotes competition.

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SSEMI3

What is the difference between a monopoly and an oligopoly?

• monopoly has low barriers to entry; oligopoly has high barriers to entry

• monopoly has competition; oligopoly does not

• monopoly has cartels; oligopoly has price wars

• monopoly has one seller; oligopoly has a few

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SSEMI3