12 Questions
What is the term used to describe similar goods or services providing equal consumer satisfaction?
Homogeneous products
Which type of business organization is owned by a single individual who is solely responsible for running the business?
Sole Proprietorship
What is the legal entity separate from owners (shareholders) with limited liabilities?
Corporation
Which tool provides an analytical framework for identifying strengths, weaknesses, opportunities, and threats in a business?
SWOT Analysis
What limits opportunities to start businesses according to the text?
High interest rates
Which factor impacts market attractiveness based on the uniqueness of a product?
Supplier power
What is the key characteristic of pure competition?
Identical products and price takers
What is the main challenge under pure competition?
Maintaining profit above total cost
What is the characteristic that defines a monopoly?
Significant market control
What is a key challenge faced in an oligopoly?
Barriers to entry
What is a common strategy in monopolistic competition?
Non-price competition such as branding
What factors determine competition in an industry according to the text?
Threat of new competitors, substitute products, and bargaining power
Learn about different types of market structures like pure competition and monopoly, along with the challenges faced under each structure. Explore examples such as adjusting business size for efficiency and maintaining profit.
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