The four basic types of competition that take shape in a private enterprise system are

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The four basic types of competition in a private enterprise system are pure competition, monopolistic competition, oligopoly, and monopoly. These terms describe the level of competition and market power held by firms within an industry. Pure competition is characterized by a large number of small firms, with no single firm having significant market power. Monopolistic competition is similar to pure competition, but firms differentiate their products in order to capture a specific segment of the market. Oligopoly is characterized by a small number of large firms dominating the market, with limited competition. Finally, monopoly exists when a single firm has significant market power and can control prices and output without much competition.

The Four Basic Types of Competition That Take Shape in a Private