[Author’s name]
Monopolistic and oligopolistic competition: theory and examples
Introduction One of the most important characteristics of an industry is its competitiveness. It often determines how profitable the businesses within this industry are or potentially can be, whether they have incentives to provide quality products and happy the customers are purchasing the products. In microeconomics, three types of market competition are usually being considered: monopoly, oligopoly and perfect competition. Monopoly implies that there is sole supplier of a good or service in the market who is a price setter and most often exploits its monopolistic power to derive excessive profits. The opposite to it is perfect ...
