Markets. Competition. Monopoly

Contents
Buyers and sellers in a market economy.
Competition in a perfect market.
Different kinds of monopolies.

Markets.
In a market economy, the actions of buyers and sellers set the prices of good and services.

Competition.
In a perfect market competition is unrestricted and sellers are numerous, free competition and large numbers of sellers are not always available in the real world

Monopolies.

Natural monopoly

Competition among producers

Competition among consumers

Workers compete with one another to get the best jobs at the highest wages.