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  • a partnership is when 2 or more people start a business together and split the cost liability and revenue
  • A sole proprietorship in a competitive industry competes with others with the same exact product and only competes the price and  a monopoly in a competitive industry creates one product and has no competition 
  •  A oligopoly is a  market structure in which a small number of interdependent firms compete
  • For example phone companies are oligopolies. They pretty much all do the same just with different terms and conditions.
  • In order for them to be a partnership they have to be part of the company or multiply companies. Since its going to be a partnership the people that are involved have to split the cost liability revenue
  • Hopefully now you have a better understanding of partnerships and oligopolies 
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