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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 • The number of firms competing in the market • The amount of similarity between the products of competing businesses
Pure Competition • The market condition where there is a large number of suppliers offering very similar suppliers Price Quantity
Monopoly • The market condition in which one supplier offers a unique product Price Quantity
Oligopolies • The market in which a few businesses offer very similar products or services Price Quantity
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 Competition • The market in which there are many firms competing with products that are somewhat different. Price Quantity Monopolistic competition with greater product differences