Economics
Storyboard Text
- Partnership in oligopoly Created by: Mia McGill
- Of course. You see a partnership has 2 or more people in charge. That is the same can be said about an oligopoly
- Could you explain to me the similarities of a partnership and an oligopoly ?
- Corporations are large companies that produce products for consumers. Monopolies have control of one product so if consumers want that product they have to buy it from them. So if a corporation makes a new product that no one else has consumers must buy from them. This could be bad for consumers as the corporations control the price.
- Now that we are on the topic of market structures lets talk about how a corporations could become monopoly
- Okay, lets do it
- Oh that's easy, Sole proprietors run their own businesses. And when you look at a perfectly competitive market these things typically the best examples are in the produce industry. And when you go to a farmers market all of those people are sole proprietors.
- Okay thanks, but quick question what about how a sole proprietor could be in a perfectly competitive industry.
- Well in monopolistic industries almost all monopolies are started by one person and that's what sole proprietors do to. You can take Andrew Carnegie for example he was the one that monopolized the steel industry. And he was only one man so therefore an sole proprietors.
- how about sole proprietors in a monopolistic competitive industries ?
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