Large number of small companies
competing with each other. The lowest
possible production cost is not assumed.
Oligopoly
An oligopoly is dominated by a few companies, resulting
in limited competition. They can collaborate or compete
with each other to use their collective market power.
Pure Competition
Is a market structure defined by a large
number of small firms competing
against each other.
Pure Monopoly
This firm is the sole producer of a product, and
there are no close substitutes. Because there
are no alternatives, the firm has the highest
level of market power.