Market structure and business organizations
Storyboard Text
- what is perfect competition?
- Nathan Bailey
- sole proprietorship - someone who owns an unincorporated by himself or herself.corporation- conducts business, realizes net income or loss, pays taxes and distributes profits to shareholderspartnership- A formal agreement between two or more parties to jointly manage and operate a company monopolistic competition- when many companies offer competing products or services that are similar, but not perfect, substitutes.perfect competition-buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.monopoly-the exclusive possession or control of the supply of or trade in a commodity or service.oligopoly-a state of limited competition, in which a market is shared by a small number of producers or sellers.
- Don't ask silly questions, its on the board, these might be on the test.
- I have the definitions, but how could a sole proprietorship be in a monopolistic competitive industry?
- in a monopolistic competitive industry prices are limited to change so you need to make a similar product but make it unique so it will be bought. there are low barriers of entry and little control over price
- I didn't understand how a How a sole proprietorship could be in a perfectly competitive industry. how would that work?
- The producers are all producing the same product, all of the many buyers and sellers are informed, easy market entry and exit. all the sellers are competing on quality and price so that they make more money.
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