Intro to Business › Section A · Economic systems and business › Topic A.7
Competing in a free market
A wheat farmer, a local water company, a hair salon and an aircraft maker all compete, but in very different ways. How many rivals a firm has, how alike their products are and how hard it is to enter the market decide how much control the firm has over its price.
In this topic
- The right to compete
- Perfect competition
- Worked example: life as a price taker
- Pure monopoly
- Monopolistic competition
- Oligopoly
- Measuring how few the firms are
- Worked example: a concentrated market
- Structures change over time
- Common mistakes to avoid
- Key takeaways
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