Industry structure
Depends on the industry
Some are more competitive than others
4 major types
perfect competition - many businesses compete with the same exact product
bc there’s sm competition it has low cost
.
Monopolistic competition - somewhat like a monopoly but there’s competition
monopoly - one producer making a product
oligopoly - small number of firms competing
Cell phone companies
Depends on the industry
Some are more competitive than others
4 major types
perfect competition - many businesses compete with the same exact product
bc there’s sm competition it has low cost
.
Monopolistic competition - somewhat like a monopoly but there’s competition
monopoly - one producer making a product
oligopoly - small number of firms competing
Cell phone companies