Perfect Competition, Many small firms, Identical products, No control over price (price taker), No barriers, Commodities like corn, wheat, and soybeans, Customers can easily purchase from another seller, no need to advertise, Monopolistic Competition, Many firms, Differentiated products, Some control over price due to brand loyalty/positioning, Low barriers, Heavy advertising to stand out from many competitors, Clothing stores, fast food restaurants, and furniture, Differentiates flavors, branding, atmosphere, pricing, convenience, quality, or customer service., Oligopoly, Few firms, Identical or differentiated products, A lot of control over price, Higher barriers to entry keep the number of firms low, Airlines, Cell phone carriers, game consoles and car companies, Businesses are interdependent and closely watch competitors, Need to be watched to prevent collusion, Some advertising to distinguish between the limited sellers, Monopoly, One firm, Unique product, Total control over price, Highest barriers keep direct competitors out, no close substitutes, Examples: local water company, patented medication, Low need to advertise

Market Structures

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