Competition and Market Structures

Competition and Market Structures

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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13 questions

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1.

FLASHCARD QUESTION

Front

What is a market structure where a few large companies control most of the industry and its prices?

Back

Oligopoly

2.

FLASHCARD QUESTION

Front

Which business structure protects its owners from personal liability while allowing flexibility in management and taxation? Options: Sole proprietorship, Partnership, Corporation, Limited liability company (LLC)

Back

Limited liability company (LLC)

3.

FLASHCARD QUESTION

Front

What is it called when two companies at different stages of production combine to improve efficiency and reduce costs?

Back

Vertical integration

4.

FLASHCARD QUESTION

Front

What are rules created to prevent companies from unfairly limiting competition in the market?

Back

Antitrust laws

5.

FLASHCARD QUESTION

Front

What is the term for situations where the government is the sole provider of a service or product, often because it is essential for public welfare?

Back

Natural monopoly

6.

FLASHCARD QUESTION

Front

What is a business model where an individual can operate a branch of a larger company using its brand and system?

Back

Franchise

7.

FLASHCARD QUESTION

Front

What type of business is owned and run by one person who receives all profits and is responsible for all debts?

Back

Sole proprietorship

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