Econ Unit 4 Review

When a firm sets their prices so low that they drive out all small competitors, this is known as what?

What is an advantage of Sole Proprietorship

Red Roses are what type of product

Business owned by a single person

Partnership where all partners are limited partners and are not responsible for debts of other partners

The concept that a business will cease to exist when an owner dies, retires, or leaves is known as what?

When firms divide up market space to create geographic monopolies, this is known as what?

The cost of having 1 energy plant in Faribault is cheaper than having multiple. This is what type of monopoly?

When firms do not have to consider competition when setting prices, they are known as what?

Business co-owned by 2 or more people

Concept that business owner is liable for only the money put into the business

Mr. Amacher creates a patent for his banana peeler. This is what type of monopoly?

Business run by individual stockholders hoping to earn dividends

A product is shown as something that brings families together

Few firms, Similar/Differentiated Products, High Barriers to Entry, and Lots price control

What is an advantage of Partnerships

The MN T-Wolves are the only pro basketball team for MN, IA, and the Dakotas. This is what type of monopoly?

What is an advantage if owning a franchisee

Emagine, AMC, and Cinemark dominate the theater chain business and have lots of control over the price.

Partnership where partners share responsibility of managing business and each one is liable for losses and debts

Your favorite sports star or celebrity is telling you that their product is the best!

Many firms, Identical Products, No Barriers to Entry, and Price Takers

Sweatshirts are what type of product

Carnegie Steel used the strategy of owning every step in the production process of steel.

Fast Food restaurants each have a chicken sandwich they must advertise to make them stand out. Which market structure?

Joining of companies that sell the same or similar products, such as one company buying another seller of the same good

Many firms, Differentiated Products, Low Barriers to Entry, and Some price control

The USPS was the only mail delivery service for a long time. This is what type of monopoly?

The American Red Cross and the Salvation Army are examples of what?

Concept that a business owner is responsible for all debts, losses, and claims against the business is known as what?

A Corporation that retains control over who can buy and sell stock is known as what?

A merger of companies that produce unrelated goods is known as what?

Fast Food Hamburgers are what type of product

Culvers is a multinational corporation

One firms, Unique Product, Extreme Barriers to Entry, and Price Makers