Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.

Monopoly

·         One firm

·         Complete barrier to entry

·         Total control over price

·         One product

Oligopoly

·         2-3 firms

·         High barrier to entry

·         Control majority of output

·         Similar/identical products

Monopolistic Competition

·         Many Firms

·         Few artificial barriers to entry

·         Slight control over price

·         Differentiated products

Perfect (Pure) Competition

·         Many Buyers and Sellers

·         Identical Products

·         Informed Buyers and Sellers

·         Free Market Entry and Exit