Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.
Posted by Ripon Abu Hasnat on Tuesday, May 27, 2014 | 0 comments
Monopoly
· One firm
· Complete barrier to entry
· Total control over price
· One product
Oligopoly
· 2-3 firms
· High barrier to entry
· Control majority of output
· Similar/identical products
Monopolistic Competition
· Many Firms
· Few artificial barriers to entry
· Slight control over price
· Differentiated products
Perfect (Pure) Competition
· Many Buyers and Sellers
· Identical Products
· Informed Buyers and Sellers
· Free Market Entry and Exit
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