Competition in the Market. Four Types of Competition Monopoly Competition Oligopoly Natural Monopoly.

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Presentation transcript:

Competition in the Market

Four Types of Competition Monopoly Competition Oligopoly Natural Monopoly

1.Pure/Perfect Competition –Rivalry between companies for sales of similar goods and services Large number of buyers and sellers Identical product Well informed buyers and sellers More CompetitionLess Competition

Pure/Perfecct Competition Many buyer/sellers + Identical Products

Monopoly A business which controls all the selling of a good or service More CompetitionLess Competition

Controlled 90% of the diamond industry in 1980

Oligopoly A few very large sellers dominate the industry More CompetitionLess Competition

Oligopoly IpodZune

Natural Monopoly Natural Monopoly – a business with only one seller because it would be too expensive for other sells to compete

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