In the world today there are four different types of competitive structures; Monopoly, Oligopoly, Monopolistic competition, and Pure Competition. A monopoly is a company that has one or no competitors, it is has many barriers and is very hard to entry the market, and there are almost no substitutes for the product or service they offer. An oligopoly has only a few competitors with some barriers for entry into the market, but less than a monopoly does. Monopolistic competition has many competitors in their market, there are few barriers which makes it easier to enter the market, and there is some differentiation between the competitors products. Pure competition has an unlimited number of competitors, no barriers to enter the market, and homogenous products, so the products will be the same.
Can anyone think of any companies other than electric or water companies for this area that would be considered a monopoly?
