Sole Proprietorship & Partnership
How many people own a sole proprietorship?
One owner
How many sellers are in a pure competition market?
Unlimited (or Many)
In monopolistic competition, products are not identical, but are what?
Differentiated
How many huge companies control an oligopoly market?
Few
How many sellers exist in a monopoly market?
One
How many people at minimum own a partnership?
Two (or more)
What kind of products are sold in pure competition?
Identical (or Same)
Fast food places like McDonald's, Wendy's, and Burger King operate under what market structure?
Monopolistic competition
If only a small handful of massive companies dominate an entire market, what is this market structure called
Oligopoly
What does a monopoly market lack that forces consumers to buy from one place?
Choices (or Substitutes)
What tiny piece of a company can you buy on the stock market?
Share/Stock
Where did Mr. Seppi go to college
UT Tyler
What is Mr. Seppi's favorite artist?
Deftones
If Sony, Microsoft, and Nintendo are the main players selling home consoles, what market structure are they in?
Oligopoly
Electric and water companies are examples of what special monopoly type?
Natural monopoly
What financial risk means a business owner can lose personal assets like their home or car to pay off business debts?
Unlimited liability
Does pure competition exist in the real world in a perfect, 100% true form?
No
Fast food and clothing brands rely on ads and design instead of just lowering what?
Prices
What major hurdle stops small new companies from entering an oligopoly?
High costs
Because there is no competition, what happens to consumer prices in a monopoly (increase, decrease, or stay the same?
They increase
What three-letter shortcut means a company is selling stock to the public for the first time?
IPO
How much control over price does one single wheat farmer have?
Zero (or None)
Where did Mr. Seppi go last summer?
Switzerland
Because there are so few sellers in an oligopoly, when one company changes its prices, competitors must react because they are what?
Interdependent
What valuable gemstone did De Beers monopolize in the 1900s?
Diamonds