1. Types of Economic Competition

2. Determining the Type of Economic Competition The number of firms competing in the market The amount of similarity between the products of competing businesses

3. Pure Competition The market condition where there is a large number of suppliers offering very similar suppliers Price Quantity

4. Monopoly The market condition in which one supplier offers a unique product Price Quantity

5. Oligopolies The market in which a few businesses offer very similar products or services Price Quantity

6. 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

7. 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