Changes

Competition is the efforts of multiple independent parties to achieve a common goal.  

Competition is the efforts of multiple independent parties to achieve a common goal.  

As an economic term, competition refers to the rivalry between firms to sell the goods or services they provide.  Economists generally classify different levels of economic competition by the following models:

As an economic term, competition refers to the rivalry between firms to sell the goods or services they provide.  Economists generally classify different levels of economic competition by the following models:Perfect Competition, Perfectly Contestable Market, Monopolistic Competition, Oligopoly ,Cartel and Monopoly

 

Perfect Competition

Perfectly Contestable Market

Monopolistic Competition

Oligopoly

Cartel

Monopoly