Project Summary: Concepts such as perfect competition and monopoly are used by economists to distinguish operating characteristics of different types of market structures. Say you have two hot dog stands within a hundred feet of each other (which can happen at a ball game). What happens if they both sell the exact same product, but one sells their hotdogs for $.50 more than the other? Everyone will go to the hot dog stand that is cheaper. Why? Because of the assumption of perfect price elasticity in a perfectly competitive market, leading to a condition that economists call a “price taker.” What are the main characteristics of perfect competition? This assignment's paper will give you the chance to explore these concepts from a real-world perspective. Upon successful completion of the course material, you will be able to: Classify markets as perfectly competitive, monopoly, monopolistic competition, and oligopoly. Resources Textbook: Principles of Economics