A locally owned and operated restaurant is typically a(n)________.

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A locally owned and operated restaurant is generally classified as a small business, as it is usually independently owned and operated by one or a few individuals. Monopolies and oligopolies are typically larger corporations with significant market power and influence. While a locally owned and operated restaurant may incorporate as a legal entity, it is still considered a small business due to its limited size and scope.

A Locally Owned and Operated Restaurant Is Typically A(n)________