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Difference Between Competitive and Monopolistic MarketsQueen Agyemang#219025618Jordy CummingIntroduction to Business and SocietySOSC1340November 12, 2021
Every economic market can be described using the two main types of economic marketsystems. Either it’s a perfectly competitive market, a monopolistic market, or it’s a mix of both.The competitive sector differs from the monopolistic sector in that no one firm has completemarket control. Multiple firms control market price and supply levels. In an ideal world, most ifnot all markets would be purely competitive as this market is most beneficial to consumers. In apurely monopolistic market, the quality of goods and services diminish, and prices go up.However, there are also some issues with purely competitive markets where supply cansometimes exceed demand. These issues can be mitigated by combining this market withmonopolistic strategies to create stability in the market. No one market is completelymonopolistic or competitive. Although a perfectly competitive market in theory may bebeneficial for consumers, it cannot be sustained in the real world.A competitive market is theoretically ideal as no one company dominates the market.Competitive markets are completely consumer led. This means that supply and demand cannotby artificially controlled by corporations (Laurin-Lamothe, 2021). The supply and the demandfollow natural trends and are controlled by consumers. In turn, this supply and demand is what

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Term
Spring
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OuafaSakka

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