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- When a person in a sole proprietorship business iscreating a common product and selling it, they could enter a monopolistic competitive industry. For example, most soaps are similar and do the same thing, but somebody can create their own shape or smell.The soap is now different from others, but still a similar product to ones of the shelves. There is still competition, but most soaps are similar.
- The agricultural industry is purely competitive. An owner in a sole proprietorship business can be in a purely competitive market by starting a garden and selling produce at a local farmers market. It can be entered and exited easily. Theres a large market, nobody has influence on price,products are identical, and buyers/sellers are informed.
- With growing technology, industries and services are being created daily. A corporation could make a new discovery that leads to a whole new market. If no other company tries to compete, the corporation could become a monopoly. For example, NASA was a monopoly up until recently because it was the only corporationthat was doing space exploration. But now there are more private corporations to compete with
- An oilgopoly is an industry with minimum companies that control the market. With such high start up costs and barriers of entry, its hard to get in alone. A partnership could be an oligopoly because without funding, its not easy to join the market. Partnership leads to lower production costs and less debt for you if something goes wrong. Oligopoly's include the smartphone industry, car industry, and streaming services.
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