What you'll learn
How competition levels affect markets.
Key ideas
- Perfect competition vs monopoly vs oligopoly.
- Barriers to entry and non-price competition.
- Monopolies may charge higher prices, so are often regulated.
Exam tips
- Link competition to prices and choice.
- Evaluate the pros and cons of monopoly.
Common mistakes
- Confusing oligopoly with monopoly.
- Ignoring regulation.