Sole Proprietorships have limited life.

Partnerships are owned by stockholders.

Corporations have double taxation.

Unlimited life is when businesses have a small lifespan.

Pure Competition has identical products.

Monopolistic Competition has identical products.

Oligopoly has a few sellers.

Monopoly has easy barriers to entry.

Natural monopolies are more efficient for society.

Pure Competition has a few sellers.

Monopolistic Competition has differentiated products.

Oligopoly has no competition.

Monopoly has one firm and one product.

Technological monopolies are on pieces of software.

Law of Demand is when price increases, quantity demanded decreases.

Law of Demand is when price increases, quantity demanded increases.

Law of Supply is when price increases, quantity supplied decreases.

Law of Supply is when price increases, quantity supplied increases.

Price

Input Costs

Income

Market Size

Related Goods

Number of Sellers

Input Costs

Government Actions

Tastes and Preferences

Related Goods

Surplus is when quantity demanded is greater than quantity supplied.

Surplus is when quantity supplied is greater than quantity demanded.

Shortage is when quantity demanded is greater than quantity supplied.

Shortage is when quantity supplied is greater than quantity demanded.

Price Floor is a minimum price on a good or service.

Price Ceiling is a minimum price on a good or service.

Price Floor is a maximum price on a good or service.

Price Ceiling is a maximum price on a good or service.

Increase in Demand causes an increase in price and increase in quantity.

Decrease in Demand causes a decrease in price and increase in quantity.

Increase in Supply causes a decrease in price and increase in quantity.

Decrease in Supply causes a decrease in price and decrease in quantity.