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
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One firm
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Complete barrier to entry
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Total control over price
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One product
Oligopoly
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2-3 firms
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High barrier to entry
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Control majority of output
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Similar/identical products
Monopolistic Competition
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Many Firms
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Few artificial barriers to entry
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Slight control over price
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Differentiated products
Perfect (Pure) Competition
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Many Buyers and Sellers
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Identical Products
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Informed Buyers and Sellers
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Free Market Entry and Exit
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