Principles of Microeconomics / Unit 6 MIC 0502 short lesson, about 20 seconds
The Spectrum of Competition
Captions available
The idea
Markets run from perfect competition, many firms with identical products, through monopolistic competition, many firms with similar products, to oligopoly, a few firms, and monopoly, one firm.
In practice
Wheat, restaurants, airlines and the local water company, in that order.
Where people slip
The number of firms and how alike the products are decide how much power any one firm has over its price.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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