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 PhilippinesMeralco, the only supplier of electricity in the country.Oligopolycaltex, shell, sea oil, petrolCartel organization of Petroleum Exporting Countries (OPEC)Monopolistic competitionnestle, rebisco (in philippines) B a s i c M a r k e t S t r u c t u r e i n w h i c h t h e d e g r e e o f c o m p e t i t i o n a f f e c t s prices, output and profits. These are: Perfect Competition - This is an ideal or extreme form o f c o m p e t i t i o n . I t o c c u r s w h e n a m a r k e t c o n s i s t s o f m a n y f i r m s s e l l i n g a n identical product to many buyers. Any firm that wishes to do so can enter orleave the market.§ M o n o p o l y - A m a r k e t w i t h a s o l e s u p p l i e r o f a g o o d , s e r v i c e o r resource for which there is no close substitute. In addition, there are barriersto entry of new firms.§ Natural Monopoly - A natural monopoly arises from natural barriersto entry (such as a unique source of supply) or situation in which one firmcan supply the entire market at a lower price than two or more firms couldoffer. Monopolistic Competition - Similar to perfect competition, but ratherthan 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 whereq u a n t i t y s o l d b y a n y o n e f i r m i s i n f l u e n c e d b y i t s c h o i c e i n r e s p e c t o f strategic variables ( such as prices, product design, r e s e a r c h a n d d e v e l o p m e n t , a d v e r t i s i n g , a n d s a l e s l o c a t i o n s ) a n d t h e s e c h o i c e s a r e strongly influenced by other firms in the industry. MONOPOLISTIC COMPETITION: A market structure characterized by a large number of small firms, similar but not identicalproducts sold by all firms, relative freedom of entry into and exit out of the industry, andextensive knowledge of prices and technology. This is one of four basic market structures.The other three are perfect competition, monopoly, and oligopoly. Monopolistic competitionapproximates most of the characteristics of perfect competition, but falls short of reachingthe ideal benchmark that IS perfect competition. It is the best approximation of perfectcompetition that the real world offers.Monopolistic competition is a market structure characterized by a large number of relativelysmall firms. While the goods produced by the firms in the industry are similar, slightdifferences often exist. As such, firms operating in monopolistic competition are extremelycompetitive but each has a small degree of market control.

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