Economics prioject 2
Storyboard Text
- Corporation in MonopolyBy Hannah Traweek5th period 10/07/21
- 3) I need help identifying and defining a corporation in monopoly?
- 1) Hey Mr smith?
- Okay well take a seat and ill explain.
- 2) Hi Andrew, how can I help you?
- 2) How could a corporation become a monopoly though?...
- 3) A corporation can become a monopoly when the product is a 100x better then the nearest substitute which gives them little to no competition
- 1) A monopoly is a company that has nearly no competition and can set its own prices and terms
- 1) Is that similar to a partnership in a oligopoly?
- 2) Well that relationship does have competition but there are a limited amount of firms in a oligopoly so every firm is successful which creates the partnership.
- 2) What happens if the owner dies? What happens if the company gets sued?
- 1) Another popular business is sole proprietorship they are owned by a single person and are pretty competitive which is why some people struggle with it
- Dang
- 1) That's the other thing about sole proprietorship the owner has unlimited liability and limited lives. Unfortunately when the owner dies so does the business
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