Types of Markets in Economics

Competitive
Non-Competitive
Monopoly
Monopolies the word monopoly is derived from Greek words meaning "one seller." If one company is the only manufacturer of a product, that company has a monopoly. It is able to set its own quality standards and establish selling prices. It can also control middlemen, such as wholesalers and truckers. This does not mean that the monopolist will set the highest possible price for his goods. Market demand will decrease as prices rise. Therefore, the monopolist must set prices that the market will bear in order to make the highest possible profit. …