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| Question | Answer |
| ______________ _______________ is a market structure with large numbers of buyers and sellers, identical products, and sellers are considered price-takers. | |
| Apple (AAPL), McDonalds (MCD), and Nike (NKE) are all examples of which business organization? | |
| Which form of business organization is owned and managed by one individual who assumes all risk of loss and receives all profits? | |
| A manual (non-electric) tooth brush is an example of a __________________ market structure. | |
| A _______________________ merger is one that involves two or more firms at different stages of manufacturing. | |
| A ____________ externality is the harm, cost, or inconvenience suffered by a third party because of the actions of others. An example of this is the noise and inconvenience some people suffer when an airport or interstate highway expands. | |
| Which form of business organization is relatively large in size, performs large-scale manufacturing, and are partially owned by stockholders? | |
| The ___________ is a single producer with the most control over supply and price of a one-of-a-kind product. | |
| Which form of business organization is a system by which a company expands into new neighborhoods and towns (or foreign countries) by selling the rights to use the company's name and products to individuals? | |
| Which form of business organization is owned by two or more individuals who assume all risk of loss and receive all profit? | |
| ______________ _______________ has all the characteristics of perfect competition except for identical products and a little more price control. | |
| A _______________________ merger takes place when two firms that produce similar products come together. | |
| There a four main forms of ________________ organizations in the economy today: sole proprietorship, partnership, franchise, and corporation. | |
| _______________ is a market structure dominated by a few (less than 10) large sellers, and the actions by one affect the actions of others. | |
| Disney World is an example of a __________________ market structure. |