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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 |
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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 |
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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 |
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Corporation |
A business that receives a license from the government and makes the most money of any business firms in the U.S |
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Partnership |
A non incorporated business enterprise with two or more owners |
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Fixed costs |
Production cost that do not change with changes in quantity of output measure in terms of one year (insurance rent utility) |