Scenario Fun-Spot Fun Park Began as a Small Amusement Park in in 1985.Starting

question 73

Essay

Scenario
Fun-Spot Fun Park began as a small amusement park in 1985.Starting with nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.
My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner."We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
oday, thousands of visitors flock to Fun-Spot-families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor.
There's something here for everyone," Gail Hart said with a smile."Dozens of companies hold annual company picnics here.We have welcomed class field trips.And we even had one wedding here at the park!"
Here's the funny thing," Ron chimed in."We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area.We were just lucky."
I think it's the ambience of the park," Gail added, "that has brought so many visitors.We provide a 'total package' of entertainment.Plus, we try to change our rides and various attractions from time to time."
on and Gail Hart admitted that making every visitor happy is a priority."That has always been our philosophy," they said."And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
What role do service products play at Fun-Spot?

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Definitions:

Monopolist

A monopolist is a single seller in a market who has significant control over the price and supply of a product or service.

Competitive Labor Market

A market where numerous buyers (employers) and sellers (workers) meet, with the price of labor (wages) determined by the supply of and demand for labor.

Marginal Product

The additional output resulting from one more unit of a certain input, keeping other inputs constant.

Monopolistic Distributor

A single seller or distributor in a market that controls a large portion of the market share, limiting competition.