<P> Later microeconomic theory distinguished between perfect competition and imperfect competition , concluding that perfect competition is Pareto efficient while imperfect competition is not . Competition , according to the theory , causes commercial firms to develop new products , services and technologies , which would give consumers greater selection and better products . The greater selection typically causes lower prices for the products , compared to what the price would be if there was no competition ( monopoly ) or little competition ( oligopoly ) . </P>
<P> Later microeconomic theory distinguished between perfect competition and imperfect competition , concluding that perfect competition is Pareto efficient while imperfect competition is not . Competition , according to the theory , causes commercial firms to develop new products , services and technologies , which would give consumers greater selection and better products . The greater selection typically causes lower prices for the products , compared to what the price would be if there was no competition ( monopoly ) or little competition ( oligopoly ) . </P>
what is it called when a company has no competition
what is it called when a company has no competition
monopoly
monopoly