1. Competition

2. Market structure = Amt of competition facedCompetition

3. Perfect competition -Many buyers and sellers -Products nearly identical -Easy entry/exit -Information readily available -Limited price control by buyer/seller

4. leastmost MonopolyOligopolyMonopolistic competition Perfect/pure No. of sellers Products Entry into market Control of pricesCompetition

5. leastmost MonopolyOligopolyMonopolistic competition Perfect/pure one no substitute entry prevented complete control of priceCompetition few similar difficult (capital) non-price competition interdependence numerous differentiated relatively easy brand loyalty some control over price large market identical easy entry and exit no control over price

6. Oligopoly

7. leastmost MonopolyOligopolyMonopolistic competition Perfect/pureCompetition ?

8. Mergers

9. Government and Competition Sherman Antitrust (1890) - Illegal to monopolize Interstate commerce Clayton Act (1914) - Outlaws price discrimination (Collusion) Federal Trade Commission (1914) - Regulating Agency