Industry Structure # of Firms Product Diff. Entry/Exit
Perfect Competition Many None Free
Monopoly One None Highly Restricted
Monopolistic Competition Many Significant Free
Oligopoly Few Some Restricted

It is the presence of "few" firms which makes Oligopoly a fascinating industrial structure. In the other three industrial structures we studied, the behavior of individual firms could be safely ignored, either because there were no others as in Monopoly, or because there were too many for any one to matter as in Perfect and Monopolistic competition.

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