In cases of natural monopolies- such as utility companies- prices are kept under control mainly through
a. competition
b. supply and demand
c. free market forces
d. government regulation
a legal entity owned by individual stockholders is called
a. general partnership
b. corporation
c. conglomerate
d. llp
what is monopolistic competition
a. one company selling the identical product under different names
b. one company selling different products under different names
c. a very few companies selling identical products
d. many companies selling similar but not identical products
what is the definition of an oligopoly
a. one firm producing 95 percent of the output
b. to to four firms producing 70 percent to 80 percent of the output
c. more than ten firms producing 60 percent to 70 percent of the output
d. it has reduced start-up costs for many buisnesses

Answer 1

A rule of law having the force of law, directed by a higher or sufficient authority, comparing to the actions of those under the authority's control. Regulations are published by several federal government agencies and bureaus to carry out the purpose of legislation passed by Congress.

Answer 2

Corporations are maintained by their stockholders who share in profits and losses produced through the firm's operations and have three different characteristics. Legal presence a firm can buy, sell, own, enter into an agreement, and sue other persons and firms, and be claimed by them.

Answer 3

Monopolistic competition is a type of incomplete competition such that many producers sell products that are distinguished from one another and hence are not perfect replacements. Monopolistic competition is a market structure described by a large number of comparatively small firms. While the goods manufactured by the firms in the industry are similar, slight variations often exist.

Answer 4

An oligopoly is a market form wherein a warehouse or industry is controlled by a small number of large sellers. Oligopolies can occur from several forms of cooperation which decrease competition and lead to higher prices for customers. Oligopoly has its own market structure.