Change:  no attempt to advertise or differentiate Free Entry and Exit: no significant legal, technological, financial, or other obstacles prohibiting new firms from selling their output in any competitive market No control over the price: "Price Takers" (i.e. the firms have no market power) . The individual firm   View changes from previous version. (Word count: 396)

Change:  industry. Entry to the industry is often blocked by government. It requires patent or licences.licenses. Since the monopolist produces a unique product, it makes no effort to differentiate its product. Imperfect Competition. There is total control over price ex. local electric utility Oil, John D. Rockefeller diamonds   View changes from previous version. (Word count: 381)

Change: (or a very small number) is involved. Products are unique with no substitutes. NONPRICE COMPETITION: mostly public relations Entry of additional firms is not possible--one firm constitutes the entire industry. Entry to the industry is often blocked by government. It requires patent or licences. Since the monopolist   View changes from previous version. (Word count: 381)

Change: entire industry. Entry to the industry is often blocked by government. It requires patent or licences. Since the monopolist produces a unique product, it makes no effort to differentiate its product. Imperfect Competition. There is total control over price ex. local electric utility Oil, John D. Rockefeller diamonds   View changes from previous version. (Word count: 378)

Change: economy (something to compare to and help our understanding of economy.) Monopolistic Competition: Involves large number of firms. Produces differentiated products (ie. clothing, furniture, books) Nonprice competition - a selling strategy in which firms try to distinguish their   View changes from previous version. (Word count: 364)

Change: allows us to useis itused as a standard to evaluate the efficiency of our economy. Monopolistic Competition: Involves large number of firms. Produces differentiated products (ie. clothing, furniture, books) Nonprice competition - a selling strategy in which firms try   View changes from previous version. (Word count: 351)

Change: Focuses mostly on advertising, brand names, and trademarks Firms can easily enter or leave this market, although not as easily as firms in a purely competitive market. Imperfect Competition. Limited control over prices ex. retail trade, dresses, shoesOligopoly: Involves a few firms that exert considerable influence over the industry   View changes from previous version. (Word count: 332)

Change: Note: Pure competition does not actually exist in our society, and the agriculture industry is the closest industry to being purely competitive. The pure competition model allows us to use it as a standard to evaluate the efficiency of our economy. Monopolistic Competition: Involves large number of firms Produces   View changes from previous version. (Word count: 313)

Change: market, although not as easily as firms in a purely competitive marketImperfect Competition Limited control over prices ex. retail trade, dresses, shoesOligopoly: Involves a few firms that exert considerable influence over the industry Produces either standardized or differentiated products Existing firms are strong rivals   View changes from previous version. (Word count: 272)

Change:  involved Products are unique with no substitutes Entry of additional firms is blocked--one firm constitutes the entire industry Since the monopolist produces a unique product, it makes no effort to differentiate its product There is greattotal control over price ex. local electric utility Oil, John D. Rockefeller   View changes from previous version. (Word count: 267)