[ex. FOOD] {like Fruity O's, Fruit Loops, Rainbow Hoops... same thing}
* many sellers
* homogenous product
* very easy entry
* no price-setting power
* no non-price competition
* price-takers
Supply
the amount of goods available
Factors that effect supply
*
Demand
the desire to own something and the ability to pay for it
Law of Supply
The idea that producers offer more of a good as its price increases and less as its price falls
Monopoly
[ex.POWER COMPANY]
* one seller
* no close substitutes for product
* impossible entry
* price-setting power
* no non-price competition
Oligopoly
[ex. CAR MANUFACTURE]
* few sellers
* differentiated or homogenous product
* difficult entry
* considerable price-setting power
* considerable non-price competition
