Scenario
A mechanic replaces the brakes but does not fill-up the brake fluid and causes a serious car accident. His partners in the garage are not liable for her mistake.
Limited liability partnership
I am the only one that owns my company
sole proprietorship
Make all major decision for a corporation
Board of Directors
Lebron drinks sprite
Advertising
What negative does a sole proprietorship and a general partnership have in common
The possibility of losing personal property
Your best friend just bought a Chick-fil-A franchise. What should he NOT expect as a new franchise owner?
Freedom of choice in selecting products
I pay my employees minimum wage because it comes out of my pocket.
disadvantage of a sole proprietorship
Run the day to day operations
CEO
Walmart greeter
Service level
Mississippi no longer requires an Auto Inspection sticker
Deregulation
Several lawn care companies decide to combine into one large company. What is this called?
Horizontal merger/integration
Is a sole Proprietorship an advantage or disadvantage
BOTH!!!!
Works in the various departments of the corporation
Employees
Fast food franchise in a convenient store
Location
What positive does a sole proprietorship and a general partnership have in common
They are easy and inexpensive to start.
Suppose that a firm wants build drones in biloxi, but it quickly realizes that its employees do not have the technological training needed for the firm to compete in that market. What do economists call the factor that is keeping this form out of that market?
Barrier to entry
Share the Profits
Partnership
Owns the corporation
Stockholders
My shampoo is labeled New and Improved
Physical characteristics
If companies cut its prices significantly, what might that lead to?
Price War
Suppose you decide to open a Farmer's Market in D'Iberville. What would be the market structure of such a business?
Perfect competition
I am a sole proprietor of a pizza business what type of partnership is best for me if I take most of the liability but share the revenue
Limited partnership
Obey the laws and pay a variety of taxes
corporation regulations
Orange Juice with or without pulp
Physical Characteristic
Ferrero brand, a monopolist, produces 10,000 doses of medicine for severe chronic halitosis at a cost of $4 per dose, If each dose is sold for $12, then Ferrero’s total profit would be
$80,000