In a general partnership, what do partners usually draw up?
Business Organizations and Market Structures

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History, Other
•
8th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
legal papers called articles of partnership.
2.
FLASHCARD QUESTION
Front
An advantage of a corporation is that: owners pay fewer taxes than owners of other forms of business., the business is subject to little government regulation., owners have limited liability for debt., owners have direct and immediate control over daily management of the business.
Back
owners have limited liability for debt.
3.
FLASHCARD QUESTION
Front
Perfect competition is characterized by
Back
a large number of sellers and buyers.
4.
FLASHCARD QUESTION
Front
A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a
Back
technological monopoly
5.
FLASHCARD QUESTION
Front
Under perfect competition, no seller can sell a product above the prevailing market price.
Back
no seller can sell a product above the prevailing market price.
6.
FLASHCARD QUESTION
Front
When a major car company lowers its prices, other car makers will probably
Back
lower their prices.
7.
FLASHCARD QUESTION
Front
A market structure in which one firm has a monopoly because of its location is a
Back
geographic monopoly.
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