Unit 5 Economics Business Review

Which of these would be an example of a fixed cost?

Why is it important to know a firms competitiveness? 

You will have to know how to calculate preferred and common stock dividends? 

Total Revenue - Total Cost=

What form of business distributes the profits to one individual?

Which level of competition has more control over price than an oligopoly?

Can set prices above perfectly competitive market but below oligopoly prices:

This is the point where adding another worker does increase output but at a decreasing rate:

Which of these is a disadvantage of a corporation?

If Ashley owns her own business and makes $60,000, how much money will Ashley get?

In this level of competition, the seller must take the price offered by supply/demand

Which of these is a disadvantage of a proprietorship?

fixed cost + variable cost=

the additional revenue from selling one more:

Which of these is an advantage of a proprietorship?

This form of business is funded by selling stock:

a well-defined product for which there is no close substitutes is a characteristic of: 

Markets dominated by a few large firms tend to have:

Who makes the decisions in a corporation? 

The oil industry (OPEC) is a good example of which level of competition?

Which of these is a disadvantage of a partnership?

Why does diminishing marginal returns happen?

How do you fix diminishing marginal returns?

If you work half time and Bob works full-time, profits are $90,000, how much do you get?

Which of these is an advantage of a partnership?

the additional cost of producing one more:

Which level of competition is most desirable for the consumer?

Price X Quantity=

Which of these is an advantage of a corporation?

Laws used to break up or prevent monopolies are called: