Market Structures CB
Number of firms in a perfect competition
The Most
Business started by two or more people.
Partnership
The type of liability that a Sole Proprietor has.
Unlimited Liability
A prime mover in the market economy is known as.
A Entrepreneur
Product differences for a Monopoly
None
Easiest business type to start up.
Sole Proprietorship
The Lifespan a partnership has.
Limited Lifespan
An entrepreneur's role is to.
Discover and introduce better products or better ways of doing things.
The 4 Market Structures
Perfect competition, monopolistic competition, oligopoly and Monopoly.
Most difficult and costly business to start up.
Corporation
A local business has this type of Lifespan
Limited
Entrepreneurs have rivals called.
Control over price for a monopolistic competition
Limited
The only business type to be double taxed.
Corporation
Walmart has this type of Lifespan.
Unlimited
Entrepreneurs earn profits by.
Satisfying consumer wants.
Barriers to entry in a Oligopoly
Substancial
Most difficult business type to create good capital with.
Sole Proprietorship
This type of Liability is only found in corporations.
Limited Liability
The things an entrepreneur fears are.
Failure, rejection, and uncertainty