Terminology

No	Term	Definition
1.	Price	price is the amount of money charged for a product or service, or the sum of values that consumers exchange for the benefits of having or using the product or service
2.	Per unit cost	Per unit cost is the amount a company spent to produce a product.
3.	Pure Competition	The market of pure competition is characterized by many buyers and many sellers. Price is determined by the market forces or demand and supply of the commodity in question.
4.	Monopoly	Contrary to the pure competition, pure monopoly is a market situation whereby there is single seller in the market. Price in the market is single handedly determined by the monopolist.
5.	Monopolistic competition	This type of market combines some features of pure competitive firm and pure monopoly as described above. There are relatively large number of buyers and sellers in the market.
6.	Oligopoly	This is a market situation that consists of few sellers. The interdependence of price decision is one unique feature of this market.