Market Structures/ Business Types

The American industry that comes closest to its agriculture before 1930

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

The U.S. Postal Service is an example (first-class mail only)

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

It has four categories: natural, geographic, technological, government

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

This occurs when large firms produce more than 80% of the total industrial output

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

Numerous sellers offer similar but slightly different products

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

A single seller controls the supply of a good or service

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

The airline industry is a good example

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

There is non-price competition, but businesses compete by product differentiation and advertising

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

Collusion between companies on prices is what makes cartels illegal in America

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Pure Monopoly

Decision making can be slow and complicated because so many levels of management are involved

• Sole proprietorship

• Partnership

• Corporation