Which market structure is characterized by a single seller and no close substitutes for the product?

Understanding Market Structures and Business Ownership Types

Quiz
•
Social Studies
•
12th Grade
•
Medium
Polly Chevalier
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Pure competition
Monopoly
Oligopoly
Sole proprietorship
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which type of business ownership is the owner personally liable for all debts of the business?
Sole proprietorship
Partnership
Corporation
Limited Liability Company (LLC)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure is defined by having many sellers and buyers, selling identical products?
Monopoly
Oligopoly
Pure competition
Monopolistic competition
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of partnership allows some owners to invest and have limited liability while leaving the operation of the business to other partners?
General partnership
Limited partnership
Joint venture
Limited liability partnership
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure is characterized by a few large sellers who may collaborate to set market prices?
Monopoly
Oligopoly
Pure competition
Monopolistic competition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which type of business ownership do the owners share the profits and losses of the business?
Sole proprietorship
Partnership
Corporation
Cooperative
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of a sole proprietorship?
Unlimited liability
Single ownership
Shares of stock can be sold to raise funds
Full control by the owner
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