Examlex
Identify and discuss five advantages of operating a business as a sole proprietorship.
Market Structure
The organization and characteristics of a market, including the number and size of firms, product differentiation, and entry and exit barriers.
Homogeneous Products
Goods that are seen as identical by consumers, making them perfect substitutes for one another.
Perfectly Competitive
A market structure characterized by a large number of small firms, homogeneous products, and free entry and exit.
Monopolistically Competitive
Describes a market structure where many companies sell products that are similar but not identical, allowing for firms to have some market power.
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