Monopolistic Competition - a Market Structure in which many sellers offer similar products.
Advantages - Competitive, due to many buyers and sellers
Disadvantages - Each seller has a monopoly over their own unique product
Characteristics - Many sellers and buyers, similar but different products, limited control of prices, freedom to enter or exit market.
Example: T-Shirt Vendors
Oligopoly - A market structure in which only a few sellers offer a similar product.
Advantages - More competition than a monopoly I guess
Disadvantages - High prices due to less competition
Characteristics - Few sellers and many buyers, standardized or differentiated products, more control of prices, and little freedom to enter or exit the market
Example: Movie Theaters
Monopoly - a Market Structure in which only one seller sells a product for which there are no close substitutes.
Advantages - Whoever controls the monopoly makes a lot of money.
Disadvantages - Consumer is vulnerable to the power of the producer, high prices for consumers.
Characteristics - Only one seller, a restricted/regulated market, and control of prices.
Natural Monopoly - a market situation in which the costs of production are lowest when only one firm provides output.
Example: Water Company
Geographic Monopoly - a monopoly that exists because there are no other producers or sellers within a certain region.
Example: Sports' Teams
Technological Monopoly - a monopoly that exists because the firm controls a manufacturing method, invention, or type of technology.
Government Monopoly - a monopoly that exists because the government either owns and runs the business or authorizes only one producer.
Example: Postal Service