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Mrs. Lake
Quiz 11/23
15
Economics
12th Grade
11/23/2010

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Cards

Term
The ______to entry include any factor that makes it difficult for a new firm to enter the market.
Definition
barriers
Term
collusion
Definition
In an oligopoly, the dominant firms could work together to control the price.
Term
multinational
Definition
A large corporation where the headquarters are in one country with subsidiaries.
Term
nonprice
Definition
A way to attract customers through style, service in this competition.
Term
nonprofit
Definition
Institution that functions much like a business but does not operate to make a profit.
Term
subsidy
Definition
A government payment to support a business or market.
Term
CEO
Definition
Head of a corporation.
Term
franchise
Definition
A semi-independent business that pays fees to a parent company.
Term
assets
Definition
All items to whicha business or household holds legal claim.
Term
proprietor
Definition
The sole owner of a business.
Term
limited
Definition
This type of liability is where the owner is responsible for the company's debt relative to the size ofhis or her initial investment.
Term
professional
Definition
The American Bar association is an example of this type of non-profit organization.
Term
monopoly
Definition
The Sherman Anti-Trust Act of 1890 was passed to control this market structure.
Term
natural
Definition
This type of monopoly is acceptable, in particular, when dealing with utilities in a rural area.
Term
patent
Definition
government protection for an inventor's right to make or sell an invention for a specific number of years.
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