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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 Price Quantity Monopoly • The market condition in which one supplier offers a unique product Price Quantity Oligopolies • The market in which a few businesses offer very similar products or services Price Quantity 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 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
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