Sole Proprietorship in Monopolistic Competition.

Sole Proprietorship in Monopolistic Competition.
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  • Yeah. We were talking about Sole Proprietorship in a Monopolistic Competition.
  • What's a Sole Proprietorship?
  • Hey, do you remember what we were learning yesterday?
  • A Sole Proprietorship is kown as a business that is owned and run by only one person.
  • And, there is no legal distinction between the owner and the business entity.
  • These small businesses pretty much dominate the market.
  • Really? Why is that?
  •  Mostly because, Sole Proprietorships only exist in Monopolistic Competitions.
  • Why is that the reason why big businesses don't control the market?
  • Monopolistic Competitions are characterized by many buyers and sellers. So, there's no business to control the market.
  • You're welcome.
  • Oh, thanks for helping me catch up.
  • Ok, see you there.
  • Get ready for tomorrow, we'll be talking about Oligopolies.
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