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6 Cards in this Set

  • Front
  • Back

Cartel

An industry in which the firm's have an agreement to set prices and/or divide the market among members of the cartel

Shared Monopoly

An industry in which there are only a few firms usually four or fewer firms account for more than 50 percent of the industry sales

Proprietorship

Business enterprise with a single private ownership


Makes up the largest representation of business in the U.S the gov and wealthy people don't create jobs

Corporation

A business that receives a license from the government and makes the most money of any business firms in the U.S

Partnership

A non incorporated business enterprise with two or more owners

Fixed costs

Production cost that do not change with changes in quantity of output measure in terms of one year (insurance rent utility)