I'm guessing you know what a corporation is, right?
Duh! A corporation is a company or group authorized to act as a single entity.
And what about a monopoly?
Well that's easy! A monopoly is the possession or control of supply or trade in service.
You're asking all these questions but I have one for you....How could a corporation become a monopoly?
Umm...well...we know that a monopoly is a situation in which a single company owns nearly all the market so probably through becoming pretty profitable.
Very good! Now, last question, how could a partnership be a oligopoly?
Well oligopolies form when several dominant companies rule over a particular market or industry, thus MAKING collaboration and partnerships possible.
Well to start off, a sole proprietorship is a type of enterprise that is owned and ran by one person in which there's no legal distinction between the owner and the business entity therefore it would make it easy for it to fit perfectly in a competitive industry.
Now what about sole proprietorships? How could one be in a perfectly competitive industry?
Well knowing what a sole proprietorship is, it could work in a monopolistic competitive industry because they seem to only exist in monopolistic competitions therefore small businesses are the types of businesses that dominate this type of market! Now let's get out of here!
Yes! ahaha and for the grand finale, how could a sole proprietorship be in a monopolistic competitive industry?