Competition

    Recently, in Personal Finance and Economics we learned about the different forms of competition. Perfect Competition has numerous buyers and sellers, standardized products, freedom to enter and exit the market, independent buyers and sellers, and well-informed buyers and sellers. Monopoly has only one seller, a restricted a regulated market, and a control on prices. There is four types of monopolies: natural, geographical, technological, and governmental. Next, is monopolistic competition, which has many sellers and many buyers, similar but differentiated products, limited control of price, and freedom to enter or exit the market. Lastly, there's oligopoly, which has few sellers and many buyers, standardized or differentiated products, more control of prices, and little freedom to enter or exit market. These forms of competition have many differences as well as similarities.
In my opinion, monopolistic competition could be most successful. Not only does it have many sellers and buyers but is has similar but differentiated products and freedom to enter and exit the market, giving more options for the consumer. I went back and forth between perfect competition and monopolistic competition because they are so similar. But perfect competition offers only standardized products and has independent buyers and seller, not allowing control of prices. Which ever type of competition is used it will have a great impact on buyers, sellers, and the economy as a whole.