Many people want to have their own business. Assume that you are one of them. You go into business in order to earn profit, the highest profit you possibly can gain. But your profitability largely depends on two things: the costs of production you face and the revenue you obtain from selling your product. Explain in an essay format some of the things you can do either on the side of the costs or on the revenue side (or both) to ensure that you can gain profit, at least in the short run. In that respect, state how the choice of a market where you will sell your product (perfect competition or pure monopoly) is an important element to take into consideration, if profitability is your main goal. Explain in at least 6 good (well-structured) sentences.

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Every business needs profits because of that most of the people wants to establish a business and mo... View the full answer