A product that is popular for a short period of time
What is a fad
100
License that gives the inventor exclusive rights to sell a new product for a specific amount of time
What is a patent
100
Coldstone, Subway, Culvers, and most fast food restaurants are what type of business organization?
What is a business franchise
200
A certificate of ownership in a corporation
What is a stock
200
Nike is an example of what type of business organization
What is a multinational corporation
200
The smallest amount, by law, that a worker can be paid for one hour of labor
What is minimum wage
200
In this type of a market structure not one individual can influence price
What is pure/perfect competition
200
The different factors that make it difficult for a business to enter the market is called
What is barriers of entry
300
The share of earnings given by a franchisee as payment to the franchiser
What is royalties
300
This type of a business organization has a parent company
What is a business franchise
300
The point at which the demand for a product or service equals the supply
What is an equilibrium
300
A market that runs most efficiently when one large firm supplies all of the output is called
What is a natural monopoly
300
laws that encourage competition in the marketplace
What is antitrust laws
400
Prices are usually lower at a consumer cooperative because consumer cooperatives A) buy goods in large quantities B) charge annual membership fees C) make little profit D) help members sell their products
What is A) buy goods in large quantities
400
In a sole proprietorship the owner has a higher amount of risk because they have the sole obligation to pay debts. This is called...
What is liability
400
If a good or service is essential but too expensive for some customers the government maybe place a (blank) on the price
What is a price ceiling
400
Banking, supermarkets, airlines, broadcasting and the oil industries are all examples of what type of market structure
What is oligopoly
400
When two or more companies join to form a single firm that is called a...
What is a merger
500
If two companies who have different roles in the processing of a good join together to form a new company that includes both roles this new business is a form of a
What is vertical merger
500
More than 70% of all businesses are organized as
What is a sole proprietorship
500
Which of the following could cause the supply curve of a good to shift to the right (A new technology to produce the good B)raw materials shortage C) higher taxes on the good D) minimum wage increase
What is (A new technology to produce the good
500
In the last 20 years in what industry did deregulation cause more of a hurt than a gain by causing bankruptices of companies and higher prices for customers
What is the airline industry
500
Grouping consumers by how much they will pay such as airline fares, senior discounts, student discounts, rebate offers, and allowing children to eat and stay for free are all characteristics of what