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- Cody DeutschMarket Structures Business Organizations8th
- DefinitionsSole proprietorship in Monopolistic competition - someone who owns an unincorporated business by themselves when many companies offer competing products or services that are similar, but not perfect, substitutes. Sole proprietorship in Perfect Competition - someone who owns an unincorporated business by themselves. EX- Bakery ownerCorporation in Monopoly - is a business that is characterized by a lack of competition within a market and unavailable substitutes for its product. It can dictate price changes and create barriers for competitors to enter the marketplace. EX- Public utilitiesPartnership in Oligopoly - A partnership together have substantial influence over a certain industry or market. While the group holds a great deal of market power, no one company within the group has enough sway to undermine the others or steal market share. EX- ATT
- My business has an amazing product but my competitors are trying to sell other products just like it. I hope people choice to buy my product instead of theirs.
- Sounds like you're a Sole proprietorship in Monopolistic competition.
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