1. What are the three forms of business organization? 2. Which type of business organization has the longest life span? 3. What is the most common form of business organization? 4. Name the main disadvantage of a sole proprietorship. 5. Which type of business organization must be approved by the government? 6. Define: Liability 7. Identify the point at which supply, and demand meet. 8. What is a surplus and where would it be located on a graph? 9. What is a shortage and where would it be located on a graph? 10. List the shifters of Supply. 11. What relationship does price have with quantity demanded? 12. What direction will the supply curve shift if the cost of resources goes up? 12. What direction will the supply curve shift if the cost of resources goes up? 13. What direction will the supply curve shift if new technology is less efficient? 14. What direction will the demand curve shift if the cost of a complementary good increases? 15. What are oligopolies and give at least two examples? 16. How many sellers/suppliers are there if there is a monopoly? 17. Compare and contrast the types of competition (monopolistic and pure/perfect)