1. Students use the format below to compare and contrast Monopoly and Oligopoly; Monopolistic Competition and Pure Competition. Must include at least 2 characteristics for each.  Provide two examples for each type of company.

                                                     Monopoly                                               Oligopoly

Similarities
1. Consumers are at a distinct price disadvantage in both conditions, as prices for products are dictated by a single company in a monopoly environment and commanded by only a few select merchants in an oligopoly condition.
2. They both have significant barriers entry’s

Differences
1. Monopoly does severely restrict consumer choices, oligopoly conditions do allow for some competition among the major players.

 
2. Oligopolies are a common market condition while monopolies are forbidden under federal regulations.


                                                Monopolistic Competition                       Pure Competition
Similarities
1.Firms are responsive to changes in demand conditions.
2. Competition in the pursuit of profit encourages resources movements that are efficient.

Differences
1.Perfectly competitive firms don’t advertise because everyone knows the products are all the same. Monopolistic Competitor advertise to convince consumers that their product is better than others.

Reflections:  What two questions do you have about this assignment?

1. When a monopoly does occur?
2. What are the essential features of monopoly?
   Include two relevant visuals