Question

What are the three characteristics of Perfect competition, Monopolistic Competition, Oligopoly, and Monopoly?

Answer 1

perfect competition has lots of firms with identical products (price differences). monopolistic competition Is many firms with slightly different products (style differences). Oligopoly has very few firms but more than one with different versions of the same product (brand/ flavor/ style preferences). Monopoly is one firm that has only one product and they control the entire market for their good because they out compete all others. monopolies also control the prices entirely.

Answer 2

not three characteristics but still a bunch of info

Answer 3

For perfect competition the buyers control the market? And for monopolistic except the producers control a little bit of it and then oligopoly controls most of the market and monopoly controls all of the market? And perfect competition is the easiest to get into and monopoly is the hardest?