Market, Labor, and Business Review

Oligopoly is a market structure with one very large firm.

• true

• false

Which of the following is NOT a condition for a perfect market?

• A large number of buyers and sellers

• Buyers and sellers deal in identical products

• Each buyer and seller acts independently

• Buyers and sellers are reasonably well informed

• Buyers and sellers must stay in their business unless authorized by the government to get out of that markets-ace

An industry that is dominated by a few large firms is 

• monopolistic competition.
• a monopoly.
• perfect competition.
• an oligopoly.

A characteristic of a sole proprietorship is that the owner:

• Has access to unlimited funds
• Receives all the profit
• Transfers all the risk
• Delegates all functions

Which one of these is a sole-proprietorship?

• The owner of a small farm.

• The Law Firm of Thomas and Smith

• McDonald's

• Ford Motor Company

A business partnership has ___________ who share the risks and the profits.

• One owner
• No more than three owners
• Two or more owners
• Five or more owners

If all of the individuals who own a business share unlimited liability for the business's losses, these individuals are part of a(n)

• Private Corporation
• General partnership
• S Corporation
• C Corporation

What type of corporation sells millions of shares and must furnish complete information about its earnings, assets, and debts?

• C Corporation
• S Corporation
• Private
• Limited

A type of state-chartered corporation that was developed to help small businesses by taxing them as individuals in a partnership is a(n) __________ corporation.

• S Corporation
• C Corporation
• Private
• Limited

Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of

• A partnership agreement
• Multi-level marketing
• Licensing
• Franchising