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- by. karston smith
- sole proprietorship in monopolistic competition and corporation monopoly
- A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.
- Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another and hence are not perfect substitutes
- Companies in a monopolistic market can earn very high profits in the short run, profits that are higher than normal market returns. In a perfect competition
- corporation in monopoly: is a company that exists in a market with little to no competition and can therefore set its own terms and prices when facing consumers, making them highly profitable.
- Using intellectual property rights, buying up the competition, or hoarding a scarce resource, among others, are ways to monopolize the market.
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