Businesses and Market Structures

All of the following describe a Sole Proprietorship EXCEPT:

• owned and operated by one person

• Decisions are made quickly

• limited liability

• difficult to attract qualified employees becuase of limitations of money and benefits.

All of the following describe a Corporations EXCEPT

• Unlimited Liability

• raises money by selling stock

• Decisions are made by the CEO, Board of Directors, and Shareholders

• double taxation

Which market structure has the largest number of suppliers?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect competition

An unincorporated business owned by a single person, which may or may not have employees, is an

example of a(n)

• Entrepreneurship

• Partnership

• Sole Proprietorship

• Corporation

Which of the following is an example of a Monopoly?

• Six Flags

• Pepsi

• Coke

• Home Depot

Which of the following would be an example of a Perfect competition?

• Farmers market

• Louis Vuitton

• Pepsi

• Nike

I found these white socks at 10 different stands at the flea market. Why type of market system is being represented?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect competition

Many companies sell different types of cell phones. Some consumers prefer to use a specific brand because of its different kind of features. This is an example of

• Trust

• Monopolistic Competition

• Oligopoly

• Monopoly

Which of the following market structures has NO COMPETITION?

• Monopolistic Competition

• Oligopoly

• Monopoly

• Perfect Competition

Heather is seeking to start a business. She is concerned with having enough money to start the business, even after taking a loan from the bank. She is willing to take on partners but she still wants to have control over most aspects of the company. Which form of business organization would be best to set up?

• Corporation

• Partnership

• Sole Proprietorship

• Franchise