Textile manufacturing was important to the industrial revolution in Great Britain because textiles were in high demand all over the world, especially in Asia--meaning that the ability create massive amounts of textiles gave Britain a strong economic advantage.
Monopolistic competition is characterized by a large number of firms and low entry barriers.
<h3>What is monopolistic competition?</h3>
Monopolistic competition occurs where competitive firms produces or manufactures products or services that are similar and close substitutes to one another.
The characteristics of the monopolistically competitive market includes:
1. Presence of many sellers in the market
2. Easy entrance and exit of consumers in the market
3. Differentiated products in the market.
Hence, monopolistic competition is characterized by a large number of firms and low entry barriers.
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The answer is;
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You seem to be answering your own question within the sentenced you provided. You are describing the United Nations Security Council.
Let me give you a little more detail about the UN Security Council:
The Security Council of the United Nations is responsible for the maintenance of international peace and security. It is the only group or agency within the UN that can make decisions which are binding on all members of the United Nations.
The Security Council has the authority to send peacekeeping forces into conflict zones and to impose sanctions on member states of the UN that are deemed to be acting against the cause of peace.
The Security Council also approves new member states of the UN and plays a role in the election of judges to the International Court of Justice.
