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[tags: Papers] - There are four major market structures; perfect competition, monopolistic competition, oligopoly, and monopoly.
If a person can only get turkey, for example from one store.
Then the store can charge a lot more for that turkey than it could if the store next door was selling it too because then there would be competition....
- According to the Collins Dictionary.com, “monopolistic means exclusive control of the market supply of a product or service”.
(Collins, 2013) A monopolistic has total control of profitable action through the ownership or legitimate funding.
However if prices were to exceed what people are willing to pay, then the consumers would alter their preferences and buy from another brand.