Tonya Thomas Is Tired of Working for Other People

question 88

Multiple Choice

Tonya Thomas is tired of working for other people.She wants to start her own administrative services businesses and control her own work schedule.She wants to have sole responsibility for all business decisions.Thomas should form a(n) :

• A)limited cooperative
• B)limited partnership
• C)sole proprietorship
• D)joint venture
• E)S corporation

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Definitions:

Pure Competitor

A market participant in an industry where many sellers offer identical products, and no single seller can influence market price.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for competition on factors other than price.

Product Differentiation

The method of making a product or service stand out from the competition to appeal more to a specific target audience.

Monopolistically Competitive Industry

Refers to a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.