Perfect Competition
📌 Characterized by homogeneous products (identical goods) with no single entity influencing market price.
⚙️ Key features include many buyers and sellers, and free entry and exit with no steep barriers.
🌾 Real-world examples include agricultural products (wheat, corn) and stock markets.

Monopolistic Competition
📌 Firms have some pricing power due to differentiated products, where goods are slightly unique from competitors.
🤝 Features include many sellers competing based on brand and quality, and low barriers to market entry.
🍔 Examples include fast food chains (McDonald's, Burger King) and local restaurants with varied offerings.

Oligopoly
📌 Defined by a small number of dominant firms controlling most of the market, leading to strategic interaction.
🔗 Key features are interdependence in pricing/output decisions and the potential for collusion among firms.
✈️ Prime examples are the airline industry (Delta, American Airlines) and telecommunications providers (AT&T, Verizon).

Monopoly
📌 Characterized by a single seller dominating the entire market, often due to high barriers to entry.
🧪 Features include a unique product with absolutely no close substitutes available.
💧 Examples include local utility companies (water, electricity) and pharmaceuticals under patent protection.

Key Points & Insights
➡️ Market structures dictate the level of competition and the pricing power firms possess.
➡️ Perfect competition relies entirely on supply and demand due to product uniformity.
➡️ Oligopolies demonstrate interdependence, meaning one firm's actions significantly impact competitors' strategies.
➡️ Monopolies maintain control through significant obstacles, such as high startup costs or proprietary licensing.

📸 Video summarized with SummaryTube.com on Dec 20, 2025, 00:33 UTC