Chapter 25: The relationship between business and the competitive environment

Competitive Structures:

Monopolistic competition: A competitive industry with many firms, easy to enter and good knowledge amongst consumers about prices and products. An example of monopolistic competition is hairdressers. 

Oligopoly: Industry with competition amongst relatively few businesses, an example is petrol retailing.

Monopoly: An industry with only 1 supplier, but the UK and EU description is a firm with…