Imperfect competition

Question 1

Monopoly

Answer 1

A single, powerful firm without competition, a unique product (e.g. railways)

Question 2

Oligopoly

Answer 2

A few large firms, access to limited raw materials, incentive to form cartels/collude = agreeing on a certain price (e.g. car companies, pharmaceutical companies, film industry)

Question 3

Monopolistic competition

Answer 3

High-profile firms with brand-imaging, similar differentiated goods (e.g. soft drinks, label clothes, restaurants)