BH Business Types
John open up a taco shop, what does that make john?
Sole Proprietor
Fred and Thomas opened a small mechanics shop. Recently, Fred had to sell his truck to keep the shop open. The type of liability displayed is...
Unlimited Liability
There is 1 buyer and 1 seller, what type of market is this?
Monopoly
What does the product market consist of?
Buyers and sellers carry out exchange
What is it called when john and his friend bob both start a landscaping business together?
Partership
Custom Car Rims LLC is a business that sells car rims. Recently, a board member retired, but the change had no effect on the company. The company has ______ lifespan.
Unlimited
Zane owns a fish market, what type of market structure is Zane in.
Pure/Perfect Competition
An institution that brings together buyers ("demanders") and sellers ("suppliers") of particular goods, services, or resources.
Market
Billy owns a marketing company, Sean wants to put money into Billy's company, what will Sean be considered after buying shares of Billy's company?
Shareholder
Lorenzo's Italian Bistro is a popular restaurant in Chicago. Sadly, Lorenzo's life was cut short by bad Linguini. Because Lorenzo's Bistro is under limited lifespan, the business will be forced to...
Close down
Which market structure is best for the economy?
Perfect Competition
This exists when the demand for a good or service exceeds the supply of the good or service.
Shortage
Phil and Jean both are own a basketball team, Jean dies, and Phil is responsible for all of the debt, what kind of liability is this?
Unlimited Liability
Miller & Miller is a big time law firm owned by brothers Steve and John. John illegally took bribes and was caught and sent to jail, leaving Steve to make major changes in the firm. The type of lifespan displayed is...
Unlimited lifespan
Dale and Trevor both own different competitive gas stations, there prices are mostly the same, what type of market structure is this?
Oligopoly
Graphically, the intersection of the supply curve and the demand curve for a product indicates this.
Market Equilibrium
At what price should a firm produce to maximize profits in a perfectly competitive market?
marginal revenue is equal to marginal cost.
Lynyrd Skynyrd is a world renowned southern rock band formed in the 70s. In 1977, the band's tour plane crashed, leaving Gary Rossington as the last remaining survivor. The band was forced to end due to the band's...
Limited lifespan
Joe owns a pharmaceutical company and they just got a patent for their new drug, what kind of market structure are they in?
Monopoly