Which form of business organization is easiest to organize but is LEAST able to benefit from specialization?

Which of the following is true about a shareholder in a corporation?

Sharon decided to open a dry-cleaning business. She borrowed some money from her sister and took a loan from a bank. She hired one helper. What is one disadvantage of Sharon’s business?

Interdependence and price leadership are characteristics of firms in what kind of market structure?

In which market structure does a firm have greatest control over its product’s price?

What is monopolistic competition?

Which of the following is NOT a condition for perfect competition?

How much control over price do companies in a perfectly competitive market have?

Sunshine Island has 3 large supermarkets that supply most of the groceries for the island’s population. A gas station also sells a very small selection of groceries. How would you describe the market for groceries on Seaside Island?

One single product and lots of control over prices are characteristics of firms in what market structure?

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