Sole proprietorship in Monopolistic Competition
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Sole Proprietorship exists only in Monopolistic Competition. Therefore, small businesses including sole proprietorship are the types of businesses that dominate this type of market.
Sole Proprietorship in Monopolistic Competition
I wonder how the small businesses dominate?
So because small businesses are owned by one person, there's more small businesses?
Yes, there can be many small businesses around to dominate because they are solely owned by one person.
Why don't big businesses control the market?
That's because Monopolistic Competitions are characterized by many buyers and sellers. Therefore, there is no big business to control the market, leaving it up to the small businesses to dominate.
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