Four Market Structures & Labor

What are the characteristics of a monopoly?

• Single seller

• Multiple sellers

• Free entry and exit

• Homogeneous product

Which of the following is an example of ownership of a vital resource in a monopoly?

• Water supply

• Grocery store

• Clothing brand

• Restaurant

What are the characteristics of a perfectly competitive firm?

• A) Price maker

• B) Price taker

• C) Single seller

• D) High barriers to entry

In a monopoly, the ownership of a vital resource is:

• Common

• Exclusive

• Shared

• Public

Why is the Demand for Labor called a Derived Demand?

Give 4 Examples why a job would be high or low paying: 1) _______ 2) _______ 3) _______ 4) _______

Describe the following concerning a Sole Proprietorship: A) Definition - _______ B) Advantages - _______ C) Disadvantages - _______

• Definition

• Advantages

• Disadvantages

Describe the following concerning a Partnership: A) Definition - _______ B) Advantages - _______ C) Disadvantages - _______

• Definition

• Advantages

• Disadvantages

Which of the following is an advantage of a Sole Proprietorship?

• Limited liability

• Full control

• Easy to transfer ownership

• Double taxation

Which of the following is an advantage of a Corporation?

• Limited liability

• Full control

• Easy to transfer ownership

• Double taxation