Unions
What was the name of the expose written about working conditions during the Industrial Revolution?
The Jungle
True or False; In a monopoly there is no competition.
True.
What are the three types of mergers?
Horizontal, Vertical, Conglomerate
What is marginal cost?
The amount you are giving up to produce one additional unit for sale.
What are the three business models?
Sole proprietorship, partnership, corporation
Dangerous, long work days, child labor, no weekends, low pay.
In an oligopoly, how many firms control the market?
Two.
What is an IPO?
Initial Public Offering- The initial stock price when a company goes public.
What is marginal benefit?
The amount your business gains when you produce one additional unit for sale.
How many business owners are there in a sole proprietorship?
What formed as a result of The Jungle?
Unions! Labor Movement!
Identical
What is an example of a horizontal merger?
Various answers
Where is profit maximized?
Where MC=MR/MB
Please describe a general partnership.
In a general partnership, both partners share all responsibilities equally.
What is one thing labor unions did for American workers?
1) Shorter work week 2) No child labor 3) Shorter work days
What is one type of Non-Price Competition?
Quality, Customer Service, Branding
What is it called when two companies who operate in totally different markets merge?
Conglomerate Merger
Total cost is made up of what two other costs?
Fixed and variable
What is the definition of liability?
When someone is legally responsible for an event or action.
Who wrote The Jungle?
Upton Sinclair
What is the Market Type in the United States?
Monopolistic Competition.
What is an example of a Vertical Merger?
Various Answers
What type of line is marginal cost?
A curved line.
What is an advantage of starting a corporation?
Limited liability, ability to generate capital, corporate tax treatment, attractive to employees