Problem
Smalltown, USA, has one bookstore, one newspaper, one movie theater, one nightclub, one grocery store, one hair salon, one college, and one department store. Does it follow that each of these is a monopolist? In each case, explain what sources of competition the firm might face that would limit its market power.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.