Title: Explain why monopolies or collusion among sellers reduces competition and raises prices.
Course: Economics and Personal Finance (19262-I) > Section: Understanding the Role of Producers and Consumers in a Market Economy

Explanation should include

- defining the terms monopoly and collusion
- describing how monopolies and collusion among sellers reduce or eliminate competition
- describing why prices are likely to be higher in industries with less competition
- identifying the different types of competitive structures
  - monopoly
  - oligopoly
  - monopolistic competition
  - perfect (pure) competition.