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Business Organization Types
Advantages/Disadvantages
Costs
Types of Competition
Competition Characteristics
100
A legal entity that can conduct business in its own name and is owned by stock holders
What is a Corporation
100
A sole proprietorship can have his personal assets at risk to pay off debts of a firm. This is called_______ and a disadvantage
What is unlimited liability
100
This type of cost changes with the number of goods that are produced
What is variable cost
100
A real world example of a perfectly competitive market is
What is stock market
100
In a perfectly competitive market- firms sell these types of goods
What are identical
200
This type of business is owned by one person who makes all the business decisions
What is a sole proprietorship
200
Having double taxation is a disadvantage of this business type
What is a Corporation
200
This type of cost is constant of all unite of goods produced
What is fixed cost
200
A real world example of an Oligopoly
What is American car industry
200
Monopolies has this number of sellers
What is a single seller
300
A business that is owned by two or more co-owners
What is a partnership
300
The more of this you have in a corporation means the more ownership you have in the corporation
What is a stock
300
This cost is the combination of fixed and variable costs
What is total cost
300
A real world example of a monopoly
What is a Public Utility Company
300
Oligopolistic market is characterized by these types of sellers
What are a few powerful sellers
400
A claim on the assets of a corporation that gives the purchaser a share of the ownership of the corporation
What is a stock
400
People buys these from a corporation and means they are lending money to a corporation
What is a bond
400
This cost is opened to change in the cost of production
What is variable cost
400
Anything that prohibits a firm from entering a market is called this
What is barrier to entry
400
A monopoly has this number of substitutes for its goods
What is none
500
A statement of debt issued by a corporation
What is a bond
500
Corporations have this type of liability
What is limited
500
This states that if we add additional units of a resource that is a fixed cost, then additional output will decrease.
What is the law of diminishing returns
500
A real world example of monopolistic competition
What is clothing
500
Of the four competitive structures , this is gives sellers the most control over prices
What is a monoply