BIG BUSINESS EB
Lucas and a few of his buddies open up a business that sells lacrosse sticks, if they all leave for china what would be the lifespan of their business?
limited lifespan
the quantity of labor that firms want to hire exactly matches the quantity carpenters want to supply.
equilibrium wage
American airlines are an example of what?
oligopoly
What are the 4 types of market structures?
Pure Profit, Monopolistic, Oligopoly, and Monopoly.
shelly sells sea shells by the sea shore all by herself, what kind of tax type does her business have?
single
decrease
joe decides to start an electricity company called average joe electrics, thus is an example of what kind of market?
monopolistic
What market structure typically is found in fast food, clothing, and restaurants?
Monopolistic.
A new law firm opened up called buffy & buffy how many owners would there be?
two or more
Demand increases
outlawed the creation of trusts, restraint of trade and monopolization
sherman anti-trust act of 1890
what market structure has one seller, high boundary of entry, and high price control?
monopoly
which taxation requires firms to pay taxes on earnings and shareholders to pay taxes on their dividends?
double
Kai is a space welder with poor working conditions. The working conditions go up because of new safety equipment. What happens to his wage rate?
decreases
the fruit market has many buyers and sellers, no entry barriers, no price control, and no product differentiation
pure competition
what is a reduction in government control over prices and firm entry in a previously regulated market such as airlines and trucking?
Deregulation
Liam started a foot deodorant company because his feet smell; when people freak, riot, and sue him for even smellier feet, who has the liability?
the board
As the supply of carpenters increases and the demand for them decreases, the point at which the dollars per hour of labor and the hours of labor per period intersect determines which two equilibriums?
wage rate, level of employment
The National Collegiate Athletic Association (NCAA), formed in 1906 by Theodore Roosevelt in response to repeated injuries and deaths in college football, limits the compensation collegiate athletes can receive independent of the supply and demand of college athletes. This is an example of what?
a cartel
a new oligarchy formed on the outside they sell lollipops but behind the tasty treats that are creepy old men and women who wear creepy masks ,how is their product differentiation?
same on a non-price basis