Market Structures
- Perfect Competition: Many small sellers, similar products, no control over price.
- Monopoly: One seller, high control over price.
- Oligopoly: Few sellers, products might be similar or differentiated, some price control.
- Monopolistic Competition: Many sellers, products are differentiated, some control over price.
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Supply: How much of a product or service is available to buy. Demand: How much of that product or service people want to buy. When supply is high but demand is low, prices go down. When demand is high but supply is low, prices go up
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