Understanding Market Structures and Business Ownership Types

Which market structure is characterized by a single seller and no close substitutes for the product?

• Pure competition

• Monopoly

• Oligopoly

• Sole proprietorship

In which type of business ownership is the owner personally liable for all debts of the business?

• Sole proprietorship

• Partnership

• Corporation

• Limited Liability Company (LLC)

Which market structure is defined by having many sellers and buyers, selling identical products?

• Monopoly

• Oligopoly

• Pure competition

• Monopolistic competition

What type of partnership allows some owners to invest and have limited liability while leaving the operation of the business to other partners?

• General partnership

• Limited partnership

• Joint venture

• Limited liability partnership

Which market structure is characterized by a few large sellers who may collaborate to set market prices?

• Monopoly

• Oligopoly

• Pure competition

• Monopolistic competition

In which type of business ownership do the owners share the profits and losses of the business?

• Sole proprietorship

• Partnership

• Corporation

• Cooperative

Which of the following is NOT a characteristic of a sole proprietorship?

• Unlimited liability

• Single ownership

• Shares of stock can be sold to raise funds

• Full control by the owner

What is a key feature of monopolistic competition that differentiates it from pure competition?

• A single seller

• Identical products

• Product differentiation

• No barriers to entry

Which of the following best describes a scenario where a new entrant cannot easily enter a market due to high start-up costs, technology challenges, or regulatory barriers?

• Perfect competition

• Free market

• High barriers to entry

• Low competition

In the context of business ownership, which option offers owners limited liability, meaning their personal assets are protected in case the business fails?

• Sole proprietorship

• Partnership

• Corporation

• All of the above