One of the characteristics of a free-market system is that suppliers have the right to compete with one another. The number of suppliers in a market defines the market structure. Economists identify four types of market structures: perfect competitionpure monopolymonopolistic competitionoligopoly. Perfect CompetitionCharacteristics of perfect (pure) competition include: -- A large number of small firms are in the market.-- The firms sell similar products; that is, each firm’s product Read More