Monopoly: A monopoly is a market structure in which there is only one producer or seller of a product,

and there are no close substitutes available. In this market structure, the seller has complete control
over the price and supply of the product. Since there is no competition, the seller can charge any price
they want, which can lead to consumer exploitation. Examples of monopolies include utility companies,
cable providers, and some pharmaceutical companies.

Oligopoly: An oligopoly is a market structure in which a few large firms dominate the market. In this
structure, the actions of one firm can have a significant impact on the other firms in the market.
Therefore, firms in an oligopoly tend to closely monitor and imitate each other's behavior. This often
leads to a situation where prices are similar across firms, and they engage in non-price competition,
such as marketing and advertising. Examples of oligopolies include the automobile industry and the
airline industry.

Monopolistic competition: A monopolistic competition is a market structure in which many firms

compete by selling similar but not identical products. In this structure, firms have some control over the
price of their product but face competition from other firms selling similar products. Therefore, firms
tend to differentiate their products from their competitors by branding, packaging, or quality. In this
market structure, there is a lot of advertising and marketing as firms try to differentiate their products.
Examples of monopolistic competition include the fast-food industry and clothing industry.

Perfect competition: A perfect competition is a market structure in which there are many small firms
selling identical products. In this market structure, no single firm has control over the price or supply of
the product. Since firms sell identical products, they have to accept the market price and cannot
differentiate their products from others. In this structure, there are no barriers to entry or exit, and new
firms can enter the market easily. Examples of perfect competition include agricultural products like
wheat and corn.