Economic Project
Testo Storyboard
- In a Monopolistic Competitive Industry there are multiple competitors, and because of that a Sole Proprietorship can fit in because it not only increases the competition it provides confidence to other sole proprieters.
- In the end, a Monopolistic Competitive Industry can use all the competition it needs to meet demands and make the best and reliable product.
- A sole proprietorship is a business owned by one person and ran by that same person and to be in a Monopolistic Competitive Industry it would increase their popularity making it better for them.
- A sole proprieter could be in a Perfectly Competitive Industy by having the extra funds to invest in advertising making their product/service more popular to new eyes.
- Although they cant determine the price of the product, it also means that there will always be a market out there incase said firm or business goes bankrupt.
- They can enter or exit without having barriers. Nor do they get to determine the price they want to set on the product/service because it is already determined in this industry.
- There are multiple ways a corporation could become a monopoly, such as them using intellectual property rights, buying up the competition, or hoarding a scarce resource.
- The way a business becomes a monopoly is by the courts looking at their market power and determining if they own enough of the market to let them become one.
- Another way a corporation can certainly become a monopoly is by the government granting them certain access to the right of the product or service so that they are the only people capable of creating it.