Good morning class! Today we will be learning about why a sole proprietorship could be in a monopolistic competitive industry.
What is a mono- monopolistic? What is that?
A monopolistic competitive industry is an industry with many firms and similar products or services.
Now how does a sole proprietorship fit into this? Well that's simple! Say you have a family recipe sauce to put on burgers then it gets famous...
Now you have a business growing for you BUT burgers anywhere are common and you have to keep a set price like the other companies that sell burgers. But you make your own profit, its easier to start, and there aren't as many regulations.
WOW! Thank You Miss! That's amazing! I want to start my own business now!