Competition and Market Structures

Front

What is a sole proprietorship?

Back

A business owned and run by one person who receives all profits and is responsible for all debts.

Front

What is a franchise?

Back

A business model where an individual operates a branch of a larger company using its brand and system.

Front

What is an oligopoly?

Back

A market structure where a few large companies control most of the industry and its prices.

Front

What is a limited liability company (LLC)?

Back

A business structure that protects its owners from personal liability while allowing flexibility in management and taxation.

Front

What is vertical integration?

Back

When two companies at different stages of production combine to improve efficiency and reduce costs.

Front

What is a corporation?

Back

A legal entity that is separate from its owners, providing limited liability to its shareholders.

Front

What is perfect competition?

Back

A market structure characterized by many firms selling identical products, with no single firm able to influence the market price.

Front

What is horizontal integration?

Back

The process of a company acquiring or merging with other companies at the same stage of production.

Front

What is a partnership?

Back

A business structure where two or more individuals share ownership and responsibilities.

Front

What is a monopoly?

Back

A market structure where a single company controls the entire market for a product or service.