Market Structures
What market structure has many buyers and sellers with identical products?
perfect competition
Which type of business organization has unlimited personal liability?
Sole proprietorship
What is the process in which unions negotiate contracts with employers called?
Collective bargaining
What is the primary purpose of money in an economy?
Medium of exchange
What superhero team includes Iron Man, Thor, and Captain America?
The Avengers
What market structure is dominated by a single seller?
monopoly
Which type of business organization shares profits and losses among owners?
Partnership
What is the term for a union strategy where workers stop working to pressure management?
Strike
What function of money allows people to compare the value of goods and services using prices?
unit of account
Which pop star is known as the “Queen of Pop”?
Madonna
In which market structure do firms compete using branding and product differentiation?
monopolistic competition
What is the term for profits distributed to corporate shareholders?
dividends
What is the term for an employer’s response of temporarily closing a workplace during a labor dispute?
Lockout
What function of money allows people to save purchasing power for the future?
store of value
What is the long-running animated TV show?
The Simpsons
What type of market structure is most likely to produce interdependent pricing decisions?
What type of merger occurs between companies that are direct competitors?
Horizontal merger
What term describes laws that prohibit requiring union membership as a condition of employment?
right to work laws
What institution is responsible for regulating the U.S. money supply?
Federal Reserve
What is the one food that never goes bad?
pure honey
What is the term for firms secretly cooperating to fix prices or output?
collusion
What is the term for a merger that combines firms from unrelated industries to diversify risk?
Conglomerate merger
What term describes the total amount of money and liquid assets circulating in an economy at a given time?
money supply
What was the first Pixar film?
Toy Story