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Types of Economic Competition. Determining the Type of Economic Competition. The number of firms competing in the market The amount of similarity between the products of competing businesses. Pure Competition.

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determining the type of economic competition
Determining the Type of Economic Competition
  • The number of firms competing in the market
  • The amount of similarity between the products of competing businesses
pure competition
Pure Competition
  • The market condition where there is a large number of suppliers offering very similar suppliers

Price

Quantity

monopoly
Monopoly
  • The market condition in which one supplier offers a unique product

Price

Quantity

oligopolies
Oligopolies
  • The market in which a few businesses offer very similar products or services

Price

Quantity

monopolistic competition
Monopolistic Competition
  • The market in which there are many firms competing with products that are somewhat different.

Price

Quantity

Monopolistic competition with few product differences

monopolistic competition1
Monopolistic Competition
  • The market in which there are many firms competing with products that are somewhat different.

Price

Quantity

Monopolistic competition with greater product differences