Sole proprietorship in a perfectly competitive industry

Sole proprietorship in a perfectly competitive industry
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  • Brayden Kenney
  • Sole proprietorship in a perfectly competitive industry
  • This is Jim. Jim owns a bakery, but has been having trouble competing with the one next to his.
  • This is Lucy. She easily sells more than Jim does because she has lower prices and better tasting products.
  • I wonder why I never have any customers. Is it because my prices are to high, or maybe my products don't taste as good as Lucy's.
  • Wow! I've made so much profit today. My food tastes better and is cheaper than Jim's.
  • We both run our own businesses and choose what we sell and what price to sell it at.  We compete against eachother and try to be the most successful business.
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