economics project :D
Storyboard Text
- What is an advantage or disadvantage of partnerships?
- A disadvantage is that there is still unlimited liability.
- An advantage is that the workload isn't only put on one person. We both share that burden.
- How can a partnership exist in a monopolistic competitive industry?
- That's a great question! A partnership can easily exist in this industry because this is a industry where uniqueness that benefits the customer is greatly welcomed. A company being run by a partnership is no big deal to this industry.
- Please explain how competition or lack thereof will impact supply and/or demand in this market structure.
- OK! The competition in a monopolistic competition is very tense. We are located by many other restaurants which gives many easy substitutes to customers. If our prices are too high, customers will simply go to a cheaper restaurant. We try to appeal to the customers wants as much as possible. We try to keep our prices affordable and try to have our meals at the best quality. Because of that we are still in business.
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