price takers- no control over the market price
commodities- it's the same good no matter who makes it
total control over prices
low to no barriers to enter
many close substitutes for their good
top 4 companies control 70-80% of market
unique (one of a kind) good
high barriers to enter and compete (start-up costs/technology)
barriers are too high becuase of patents & copyrights
few firms
uses non-price competition to try and raise price
many firms/producers
similar goods
barriers are low- easier to start a business and compete
only producer-no substitutes for their good
