Primarily, our discussions have been focused on the
supply side of the basic economic model of supply and demand. We
examined numerous models dealing with the matters of demand. This
question is focused on the issues of supply. There are four basic
industry formations: perfect competition, monopolistic competition,
oligopoly and monopoly. Each is a gradation of a number of factors,
but primarily it is about the ability of an individual firm to
control the environment in which it operates. The...