Monopolies have complete control over the setting of prices because they are the only firm who is selling.
An example of a perfectly competitive market is the agriculture market and the stock market.
Oligopoly example are steel, beer and soft drinks.
Monopolistic competition has a large number of buyers and sellers, easy entry and differentiated products examples are restaurants, furniture. Is this why we get a lot of restaurants that sell tasteless food in the uk? but then there are lots of nice restaurants.
Monday 22 September 2008
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