1. .00 Name three \"fun facts" about any chosen business. Would this business be best described as a perfect competitor, monopolistic competitor, monopoly, or oligopoly? Explain in detail. Briefly tell the story of how this entrepreneur or entrepreneurs started this business. How has the economy changed because of them? What are the constraints on pricing for the main good or service the business sells? What is the demand and supply situation for the product or service? Pick at least 2 recent demand shifters and 2 supply shifters. ls demand inelastic or elastic that is, would a price increase dramatically reduce buyer demand (elastic) or would demand only be slightly affected (inelastic) in the short run? What would happen if they raised the price 10%? (Can you find an article about a price change?) What substitutes do prospective customers have forthe product or service? Will the business be dominated by fixed or variable costs? Explain. To what extent can suppliers and employees enforce cost increases on the business? 10. Has the company been making a profit? What would you suggest to improve the company's profits