Great TASK NO.3: SPOT THE DIFFERENCE! CHARACTERISTICS PERFECT MONOPOLY MONOPOLISTIC OUGOPOLY COMPETITION COMPETITION 1. Number Of Sellers Composed of The extreme Composed of Competition many small opposite of a large among the firms and perfect number of "few buyers competition; i independently Single seller acting firms or producer and buyers in the market 2. Types of Products Selling Selling Selling Selling homogeneous Unique differentiated homogeneous products that product products which or is identical in which are are considered differentiated nature. considered close but not products no close perfect substitutes substitutes 3. Entry/Exit to market There are no barriers to entry or impediments to the exit of existing sellers. With extreme barriers which makes it very difficult There are no Similar with entry barriers Monopoly preventing there are new firms from formidable entering the barriers of market entry which makes it difficult for new firms to enter the market or impossible for new firms to enter in an industry 4. Pricing Power Price taker Price maker Limited amount of control over pricing Firm has the power to influence market price Oil Industries 5. Examples Vendors in the MERALCO market Jollibee McDonalds​