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COMPETITION (MONOPOLY (Set price and quantity (regulated) price maker and…
COMPETITION
MONOPOLY
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Market could be a geographical area, such as a city or a regional area, and doesn’t necessarily have to be an entire country.
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PERFECT COMPETITION
Apples, standardized product available from numerous businesses...
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MONOPOLISTIC COMPETITION
Coke and Pepsi.
Differentiated products are products that differ somewhat, or are perceived to differ, even though they serve a similar purpose (quality, style, convenience, location, and brand name).
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How is product differentiation accomplished? (it may be geographical, advertising…)
What if there was a substantial price difference between the two? Companies have only limited control over price
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