Types of markets in economics.

Competitive Non-Competitive Monopoly Monopolies the word monopoly is derived from Greek words meaning "one seller." If one company is the only manufacturer of a product, that company has a monopoly. It is able to set its own quality standards and establish selling prices. It can also control middlemen, such as wholesalers and truckers. This does not mean that the monopolist will set the highest possible price for his goods. Market demand will decrease as prices …showed first 75 words of 669 total…

…showed last 75 words of 669 total…oligopoly (see later), it is quite possible that the managers of these firms may have other managerial objectives, associated with power of sales maximisation (if their salaries are based on sales). [4] Product: Each firm will be producing a branded product. There will be definite differences in the products on offer. Many economists believe that the main form of competition in oligopoly is non-price competition, and advertising in particular, to highlight the differences in the products.