ABE

Skluzavka: 1
How could a sole proprietorship be in a monopolistic competitive industry?
A sole proprietorship can exist in a monopolistically competitive industry because the structure of that market, not the legal structure of the business, allows for many firms to sell similar, but not identical, products.
abraham sole proprietorshipin a monopolist competition
Skluzavka: 2
An advantage of a sole proprietorship is the ease of formation, requiring minimal paperwork and regulations, and the owner retaining full control and 100% of the profits. A major disadvantage is unlimited personal liability, where the owner is personally responsible for all business debts and legal actions
What is an advantage or disadvantage of sole proprietorships?
Skluzavka: 3
Since there are low barriers to entry in monopolistic competition, other firms can easily enter the market if the sole proprietor is making a profit. The demand for their specific, differentiated product is downward-sloping but also highly elastic, meaning it is sensitive to price changes.
Explain how competition or lack thereof will impact supply and/or demand in this market structure

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