Term
| Pure Competition (Type of Product) |
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| Monopolistic Competition (Type of Product) |
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| One company has total control of a market. |
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| A firm that takes the market price determined by supply and demand |
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| A firm that has control over the price of the product is sells; no competition. |
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| action taken by industry leader (i.e., Nike) to raise the price; other large firms follow suit (Put which market structure this is. |
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| Bills and acts designed to monitor and regulate big business, prevent monopolies. |
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| Where a market only has a few companies that control it. Like the mail service. |
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| products are the same or similar; easily substituted |
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| differentiated product; real or perceived differences exist (color, style, quality) |
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