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Monopoly Graph Review and Practice- Micro Topic 4.2

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A monopoly is a market structure with only one seller of a particular product.

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An oligopoly is a market structure in which a few very large sellers dominate the industry.

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Monopolistic Competition- Short Run and Long Run- Micro 4.12

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The market structure that has all the conditions of perfect competition except for identical products.

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Perfect Competition Short Run (1 of 2)- Old Version

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A market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products.

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One firm in the industry, extensive influence over price, no product differentiation, no advertising, and nearly impossible to join the market.

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Few firms in the industry, some influence over price, slight product differentiation, some advertising, and it is difficult to join the market.

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Many firm in the industry, limited over price, slight product differentiation, some advertising, and easy entry into the market.

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Many firms in the industry, no influence over price, no product differentiation, no advertising, and easy entry into the market.

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Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly

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Market structure is the nature and degree of competition among firms doing business in the same industry.