The Meralco Electric Company is a perfect example of monopoly in the Philippines The petroleum and the telecommunications markets,

the automobile industry, and the bank system are some examples of oligopoly. Monopoly in Philippines Meralco, the only supplier of electricity in the country. Oligopoly caltex, shell, sea oil, petrol Cartel organization of Petroleum Exporting Countries (OPEC)

Monopolistic competition nestle, rebisco (in philippines)

Basic Market Structure in which the degree of competition affects prices, output and profits. These are: Perfect Competition - This is an ideal or extreme form of competition. It occurs when a market consists of many firms selling an identical product to many buyers. Any firm that wishes to do so can enter or leave the market. Monopoly - A market with a sole supplier of a good, service or resource for which there is no close substitute. In addition, there are barriers to entry of new firms. Natural Monopoly - A natural monopoly arises from natural barriers to entry (such as a unique source of supply) or situation in which one firm can supply the entire market at a lower price than two or more firms could offer. Monopolistic Competition - Similar to perfect competition, but rather than firms producing identical products, these are many firms competing against each other by producing similar but slightly different products. Oligopoly - One characterized by a small number of firms where quantity sold by any one firm is influenced by its choice in respect of strategic variables ( such as prices, product design, research and development, advertising, and sales locations) and these choices are strongly influenced by other firms in the industry.

MONOPOLISTIC COMPETITION:
A market structure characterized by a large number of small firms, similar but not identical products sold by all firms, relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology. This is one of four basic market structures. The other three are perfect competition, monopoly, and oligopoly. Monopolistic competition approximates most of the characteristics of perfect competition, but falls short of reaching the ideal benchmark that IS perfect competition. It is the best approximation of perfect competition that the real world offers. Monopolistic competition is a market structure characterized by a large number of relatively small firms. While the goods produced by the firms in the industry are similar, slight differences often exist. As such, firms operating in monopolistic competition are extremely competitive but each has a small degree of market control.

In effect, monopolistic competition is something of a hybrid betweenperfect competition and monopoly. Comparable to perfect competition, monopolistic competition contains a large number of extremely competitive firms. However, comparable to monopoly, each firm has market control and faces a negatively-sloped demand curve',500,400)">demand curve. The real world is widely populated by monopolistic competition. Perhaps half of the economy's total production comes from monopolistically competitive firms. The best examples of monopolistic competition come from retail trade, including restaurants, clothing stores, and convenience stores.

The Other Three Market Structures

Market Structure Continuum Monopolistic competition is one of four common market structures. The other three are: perfect competition, monopoly, and oligopoly. The exhibit to the right illustrates how these four market structures form a continuum based on the relative degree of market control and the number of competitors in the market. In the middle of the market structure continuum, near the left end, is monopolistic competition, characterized by numerous competitors and limited market control. Perfect Competition: To the far left of the market structure continuum is perfect competition, characterized by a large number of relatively small competitors, each with no market control. Perfect competition is an idealized market structure that provides a benchmark for efficiency.

Monopoly: To the far right of the market structure continuum is monopoly, characterized by a single competitor and extensive market control. Monopoly contains a single seller of a unique product with no close substitutes. The demand for monopoly output is THE market demand.

Oligopoly: In the middle of the market structure continuum, residing closer to monopoly, is oligopoly, characterized by a small number of relatively large competitors, each with substantial market control. A substantial number of real world markets fit the characteristics of oligopoly.

In many U.S. markets, producers practice product differentiation by altering the physical composition, using special packaging, or simply claiming to have superior products based on brand images and/or advertising. Toothpastes and toilet papers are examples of differentiated products. 3 years ago