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Sole proprietorship in Perfect Competition
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Sole Proprietorship in a perfectly competitive industry
This is Jeremy. He owns a a retail store, but has been trouble competing with the one next to his.
This is Vanessa. She easily sells more than Jeremy because she has lower prices and better taste in style.
I wonder why i never have any customers. Is it because my prices are too high, maybe my products are not good enough like Vanessa's
Wow! I've made so much profit today. My products are so cute and cheaper than Jeremy's
We both run our own businesses and choose what we sell and what price to sell it at. We compete against each other and try to be the most successful business.
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