In the world of business, we see two main types of market competition: perfect competition and monopoly.

Let’s break them down:

Perfect Competition

• Many Sellers: There are lots of companies selling the same product.
• Price Takers: These sellers have to accept the price set by the market.

In perfect competition, businesses try to win customers by lowering prices since everyone is selling the same thing.

Monopoly

• Single Seller: In a monopoly, there is only one company that sells a certain product.
• Price Maker: This single company can set the prices high because no one else is selling that product.

In a monopoly, there’s no competition, so the one seller has a lot of control.

So, to sum it up: It's all about competition versus control!