Market Structures Quiz

Definition: A business owned by stockholders who share in its profits but are not personally responsible for its debts.

• Partnership

• Monopoly

• Corporation

• Liability

Definition: The number and relative size of firms in an industry.

• Product Differentiation

• Oligopoly

• Monopoly

• Market Structure

Definition: How long a business will live.

• Lifespan

• Reach

• Lifetime

• Flexibility

A market in which there are many buyers but only one seller.

• Monopoly

• Oligopoly

• Pure Competition

• Corporation

The owner is personally and fully responsible for all losses and debts of the business.

• Unlimited Liability

• Double Taxation

• Partnership

• Taxation

A business in which two or more persons combine their assets and skills.

• Partnership

• Corporation

• Limited Liability

• Sole Proprietorship

Definition: real or imagined differences between competing products in the same industry

• Services Differentiation

• Product Positioning

• Product Differentiation

• Market Segmentation

Definition: A market structure in which a few large firms dominate a market

• Oligopoly

• Corporation

• Monopoly

• Pure Competition

Definition: A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply

• Oligopoly

• Monopolistic Competition

• Monopoly

• Pure Competition

An amount owed by a business

• Medical Payments

• Corporation

• Collusion

• Liability