Economics Project

Economics Project

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  • Introducing Monopolies
  • Hey mom I'm doing a project for economics and I need help understanding what monopolies are.
  • Well Tommy, monopolies control the entire market and form when barriers prevent firms from entering a single supplier market.
  • Business Organizations/ Market Structures
  • Then how would you explain business organizations and market structure?
  • Business organizations are entities aimed at carrying on commercial enterprise by providing goods or services. Market structure is the organizational characteristics of a market.
  • Sole Proprietorship
  • So if that's how business organizations and market structure are then what is sole proprietorship?
  • Sole proprietorship is a business that has no legal separate existence from its owner. The owner is responsible for debts, and are the most common business due to their simplicity.
  • Sole Proprietorship in Monopolistic Competition
  • I think the main thing I am having a hard time understanding is what kind of competition sole proprietorship is categorized as.
  • Tommy, sole proprietorship can only exist in monopolistic competition. Monopolistic competition is characterized by many buyers and many sellers meaning no single business controls the market
  • Sole Proprietorship in Monopolistic Competition
  • So does that mean sole proprietorship's are the type of business organizations that dominate the market?
  • Yes Tommy sole proprietorship's dominate monopolistic competitions. 
  • Conclusion
  • Wow mom you really helped me understand sole proprietorship and monopolistic competition.  Thank you, now I feel like I will ace my economics project!
  • I'm glad I could help you Tommy!
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