Answer
A competitive market is one in which there are many sellers and buyer that each individual has a negligible impact on society. The other types include monopoly, in which the seller has complete control over the price of the product, oligopoly where there are few sellers and finally monopolistic competition in which there is many sellers but products are slightly differentiated.
Work Step by Step
The theme of this content is to identify market structures. Recognize that there are four ( can also sometimes be 5 if you count monopsony) market structure with unique features and products.
