Janis Wants to Open a Restaurant

question 3

Multiple Choice

Janis wants to open a restaurant. She is not interested in a franchise; she wants to build her business literally from the ground up. When she does, her business will be classified as a(n)

• A) entrepreneurial opportunity.
• B) startup.
• C) new market idea.
• D) serendipity.

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Definitions:

Sherman Act

A landmark federal statute in the United States antitrust law passed by Congress in 1890 that prohibits monopolistic practices and promotes competition.

Market Power

Refers to the ability of a company or entity to influence the price and output levels in a market.

Competitors Cooperate

A situation where businesses that usually compete against each other decide to work together towards a common goal or project.

Market Power

The ability of a company or entity to influence the price or availability of goods and services in a market.