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- Hey Mr. Neal! It was a good class today, but I'm just wondering if you could review some of the things said in the lesson.
- Sure. So we learned that a sole proprietorship is a business owned by a single person.
- But a monopolistic competition is when a bunch of businesses are offering similar products, and they are all competing.
- Sure. So a sole proprietorship only exists in a monopolistic competition, because even though a sole proprietorship business is managed by a single owner, it still has to compete with businesses that sell similar products
- Ok ok, but how can a sole proprietorship be apart of a monopolistic competitive industry?
- Glad I could help.
- Oh I think I get it. Thank you Mr. Einstein
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