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?