Unit 4: Business Organizations & Market Structures

What is a Sole Proprietorship?

• A business owned and operated by one person

• A partnership between two or more individuals

• A corporation with multiple shareholders

• A non-profit organization

What is perfect competition?

• A market structure where many firms sell identical products, and no single seller controls the market price.

• A market structure where a single firm dominates the market and sets the price.

• A market structure where a few firms have significant control over the market price.

• A market structure where firms sell differentiated products and have some control over the price.

What is monopolistic competition?

• A market structure where many firms sell products that are similar but not identical.

• A market structure where a single firm controls the entire market.

• A market structure where a few firms dominate the market and have significant control over prices.

• A market structure where all firms sell identical products and have no control over prices.

What is a Monopoly?

• A market structure where a single seller controls the entire market.

• A market structure where few companies control the entire market

• A type of economic policy promoting free trade.

• A situation where multiple companies compete equally.

What are the characteristics of a monopoly?

• 1. single seller 2. no close substitutes 3. high barriers to entry

• 1. multiple sellers 2. identical products 3. low barriers to entry

• 1. single buyer 2. many substitutes 3. no barriers to entry

• 1. competitive pricing 2. many sellers 3. free market entry

What is a franchisee?

• An individual or business that is granted the right to sell another party's product.

• A company that owns multiple brands and licenses them to others.

• An employee who manages a store owned by a corporation.

• A supplier who provides goods to various retailers.

An auto manufacturer is an example of this type of competition.

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

USPS is an example of this type of competition.

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

Dairy farmers are an example of this type of competition.

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

Restaurants are an example of this type of competition.

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly