Midterms are now over and it's a relief. We learned about competition and monopolies this week. Competition is about which can give us the best product at a good price. Monopoly is the least competitive of all markets. Characteristics of a monopoly is that there is only one seller and they control the prices. There are four different monopolies which are natural, governmental, geographical, and technological monopolies. Market Structures are perfect competition, monopolistic competition, oligopoly, and monopoly. We also learned about people who protect consumers such as the FDA and the EPA.
