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Brooklyn Schultz 15 questions

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Questions in this quiz (15)

  1. 1Rank the market structures in order from MOST to LEAST competitive
    1. APerfect Competition - > Monopolistic Competition - > Oligopoly - > Monopoly
    2. BMonopoly - > Oligopoly - > Monopolistic Competition - > Perfect Competition
    3. COligopoly - > Perfect Competition - > Monopolistic Competition - > Monopoly
    4. DPerfect Competition - > Oligopoly - > Monopoly - > Monopolistic Competion
  2. 2Many small firms; Identical products (perfect substitutes); Low Barriers- Easy for firms to enter and exit the industry; Seller has no need to advertise; Firms are “Price Takers”
    1. AMonopoly
    2. BOligopoly
    3. CMonopolistic Competition
    4. DPerfect Competition
  3. 3One large firm (the firm is the market); Unique product (no close substitutes); High Barriers - Firms cannot enter the
    industry; Monopolies are “Price Makers”
    1. AMonopoly
    2. BOligopoly
    3. CMonopolistic Competition
    4. DPerfect Competition
  4. 4A Few Large Producers (Less than 10); Identical or Differentiated Products; High Barriers to Entry; Control Over Price (Price Maker); Mutual Interdependence
    1. AMonopoly
    2. BOligopoly
    3. CMonopolistic Competition
    4. DPerfect Competition
  5. 5Relatively Large Number of Sellers; Differentiated Products; Some control over price; Low Barriers- easy for firms to enter; A lot of non-price competition (Advertising)
    1. AMonopoly
    2. BOligopoly
    3. CMonopolistic Competition
    4. DPerfect Competition
  6. 6When an owner can be held personally responsible for the debts, obligations, and mistakes of the business, the owner is said to hold
    1. Acompetition
    2. BUnlimited personal liability
    3. Ca monopoly
    4. Dcorporation
  7. 7In which type of business organization do shareholders have little say in the day-to-day management of the business?
    1. ASole Proprietorship
    2. BPartnership
    3. CCorporation
  8. 8Which type of business organization has the advantage of being your own boss, but the disadvantage of unlimited personal liability?
    1. ASole Proprietorship
    2. BPartnership
    3. CCorporation
  9. 9Which type of business organization has the advantages of shared decision-making and specialization, but the disadvantage of potential conflicts between owners?
    1. ASole Proprietorship
    2. BPartnership
    3. CCorporation
  10. 10Which type of business organization has the advantage of having the financial capital to hire specialists, but the disadvantages of increased regulation and double taxation?
    1. ASole Proprietorship
    2. BPartnership
    3. CCorporation

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Quiz on Untitled, created by Brooklyn Schultz on 14/11/2022.
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English
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