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  • Hey! Quick question.. What is a sole proprietorship?
  • Oh! My favorite.. It is a type of enterprise that is owned and run by one single person. Why do you ask?
  • Oh, makes sense! Could it be in a monopolistic competitive industry?
  • Let's go sit awhile!
  • Yes, in fact, a sole proprietorship exist only in a monopolistic industry, and it dominates others.
  • So, Is it wrong if i ask the exact definition of a monopolistic competition industry?
  • No, not a problem. A monopolistic competitive industry is a market made up of single sellers selling their own unique products.
  • Okay, so if I was to open a sole proprietorship, I automatically can be involved in a monopolistic competitive industry?
  • Yes! Exactly.
  • Wow! That makes so much sense. You're a genuis!!
  • *chuckles* I wouldn't go that far! I'm so glad I could help.
  • Bye! Thanks again for all your help.
  • Not a problem at all, if you need anything else, you know where to find me!
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