Chapter Overview
This chapter explores market structures where firms have the power to influence prices. You’ll study monopoly, monopolistic competition, oligopoly—and key elements like barriers to entry, price-making, and non-price competition.
Important Keywords
- Monopoly: Single seller with no close substitutes.
- Oligopoly: Few large firms, interdependent decisions.
- Monopolistic Competition: Many sellers, product differentiation.
- Price Maker: Firm that can set its own price.
- Barriers to Entry: Obstacles preventing new firms.
- Non‑Price Competition: Competition via branding, ads, quality.
Detailed Notes
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