Market Structures
Few large firms dominate the market.
Few large firms dominate the market. What is an oligopoly?
Corporations, Sole Proprietorships, Partnerships, and Franchises are all....
What are the different business structures?
Stocks are a characteristic of what business structure?
What is corporations?
government granted to protect and encourage inventions
What are patents?
Selling a product below cosst for a short period of time to drive out competitiors...
What is predatory pricing?
Many sellers sell similar items
What is monopolistic competition?
What is franchises?
Business structure that can make quick decisions...
What is a sole proprietorship?
How much control over price is there in a perfectly competitive market
What is none?
difficult for a new firm to enter a market
What is barrier to entry?
Coporate profits paid out to stockholders
What are dividends?
responsible for all the debts if a partnership fails
Who is all the partners?
firms in a monopolistic competition engage in non-price competition is through
What is advertising and marketing?
Florida Power and Light is an example of...
What is a monopoly?
Explain limited versus unlimited liability.
Limited liability protects the shareholders from responsibility if anything happens within the business, such as obligation to pay debts.
Unlimited liability means the business owners are completely responsible for anything that occurs in the business.
Business structure that may include having arguments with associates
What is a partnership?
What is market power? What are the three ways a business can gain market power?
The ability to control prices within the market. Form a cartel, merge with leading companies, and predatory pricing.
What is collusion?
Expenses incurred during the process of creating a new business...(they are similar to market competition in that high costs reduce competition)
What are start up costs?
Business structure that can make money without devoting too much time...
What is a corporation?
local rules that designate certain land for business and residential buildings
What is zoning laws?