Types of Economic Competition

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Presentation transcript:

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 The market condition where there is a large number of suppliers offering very similar suppliers

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

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

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

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

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