stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Business Organizations & Market Structures Flashcards | StudBud
Explore
/
Business Organizations & Market Structures
Business Organizations & Market Structures
20 terms
·
StudBud Administration
·
175 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
An increase in the price of milk causes a decrease in the demand for cereal. The 2 products are
demand elastic
unrelated
substitutes
complements
2
All of the following can change the market supply curve EXCEPT
the cost of labor
the # of sellers offering the product
the expectation that prices are about to increase
a change in the demand for the product
3
What type of merger does the illustration depict?
conglomerate
vertical
diagonal
horizontal
4
Mergers and acquisitions might result in
increases in consumer demand
inadequate competition.
more competition
smaller companies
5
What letter on the graph represents the proper location for the market structure “oligopoly”?
Y
W
Z
X
6
At a given price, a surplus occurs when
the quantity demanded is more than the quantity supplied.
the quantity supplied is greater than the quantity demanded.
the quantity demanded is the same as the quantity supplied.
the quantity supplied is less than the quantity demanded.
7
What form of business organization does this organizational chart depict?
corporation
partnership
joint venture
proprietorship
8
All of the following are examples of the government playing a direct role in the economy EXCEPT
public utility regulation.
police and fire protection.
libraries.
court systems.
9
The situation in which some necessities-little value, some non-necessities have a higher value
opp. cost
trade-offs
paradox of value
econ interdependence
10
This regulates the sale of stock in a corporation.
stockbrokers
labor unions
chamber of commerce
SEC (Security and Exchange Comm)
11
In a market economy, a high price is a signal for
government to intervene to protect consumers
producers to supply less and consumers to buy less.
producers to supply more and consumers to buy less.
producers to supply less and consumers to buy more.
12
Which of the following is NOT a nonprofit organization?
labor union
producer cooperative
multinational
chamber of commerce
13
Perfect competition is characterized by all of the following EXCEPT
well-informed buyers and sellers.
sellers acting together to set prices.
a large number of buyers and sellers.
identical products.
14
A monopoly that isbased on the ownership/control of a manuf. method, process,or other sci. adv.
natural monopoly
geographic monopoly.
technological monopoly
govt. monopoly
15
Unlike a general partnership, in a limited partnership
partners must pay special business taxes.
partners share = finan. responsibility, firm's decisions.
the business does not end with the death of a partner.
inactive part. has limited liability forthe business'sdebts.
16
What letter on the graph represents the proper location for the market structure “monopoly”?
X
Z
W
Y
17
An advantage of a corporation is that
owners pay fewer taxes than owners of otherforms ofbusiness.
the business is subject to little government regulation.
owners have limited liability for debt.
have direct/immediate control overdaily management business.
18
The government is involved in the U.S. economy for all of the following reasons EXCEPT to
regulateindustries in which a monop. isin the pub. interest.
promote and encourage competition.
promote the development of market externalities.
prevent monopolies that deny the pub. the benefits of comp.
19
When a major car company lowers its prices, other car makers will probably
maintain existing prices
raise their prices
go out of business
lower their prices
20
Which letter represents the proper location on the diagram for “unlimited liability”?
T
W
Y
V
