Market Structures AV
The U.S. law, passed in 1890, was the first federal act to outlaw monopolistic business practices and promote fair competition
What is Sherman Anti-Trust Act of 1890
Gerald starts up a YouTube channel, this is what type of business.
solo Proprietorship
Mark Zuckerberg was the primary creator of Facebook, openings up markets that had not existed. Mark introduced this into the market economy.
New products
John is a owner of a company that has got into debt he is not held accountable. This is which type of liability?
Limited liability
What is the difference between a partnership and a sole proprietorship?
A sole proprietorship has one owner, while a partnership has two or more.
Fast-food restaurants, where many firms sell similar but not identical products
What is monopolistic competition
A sole Proprietorship has which tax type
single
Howard Schuztlz took the simple cup of coffee and turned into gold by offering higher quality. Howard introduced this into the market economy.
Improving quality of existing product
Mark works for a company and the owner has just passed away. The company hires a new owner and the business stays alive. This is what type of lifespan
Unlimited lifespan
What are the main advantages of forming a partnership?
Shared responsibilities,, more capital, and combined skills.
In this market structure, individual firms are price takers, meaning they cannot influence the market price and must accept it as given
What is pure/perfect competition
A new Law firm is created this is an example of which business type.
Partnership
For the first time ever Henry Ford introduced the assembly line. Henry introduced this into the market economy.
Introduction of new production methods
When the owner of business quits and the business closes due to it. What type of lifespan is it?
Limited lifespan
How are partnerships taxed compared to corporations?
Partners pay taxes on individual income, while partnerships aren't taxed directly.
Entry barrier and price control is high and there's unique products
What is monopoly
A meeting is held with board members to discuss important decisions, what is this business type
Company LLC
Michael Dell started a business with the idea to sell computers directly to costumers, (online shopping) bypassing retailers. Michael introduced this into the market economy.
New ways of buisness
John is obligated to pay the debt of his business. this means he has what type of liability?
Unlimited liability
This market structure is most likely to engage in price wars where firms repeatedly lower prices to undercut competitors
What is oligopoly
Shareholders trade and gather shares throughout this type of business type
Company LLC
In order to succeed a entrepreneur must obtain this.
Financial capital