22. As the case illustrates, competition takes four general forms: pure competition, monopoly, monopolistic competition, and oligopoly.
23. The classic example of pure competition occurs with a commodity, like wheat or corn, that has so many producers that no one of them can control its selling price.
24. A monopoly occurs when one company alone offers a particular food or service and therefore controls the market and price for it.
25. Private restaurants serve gourmet food for $70 per person; incentives boosted agricultural production 25 percent and industrial output 80 percent in just three years; farmers are encouraged to raise as much as they can on their own plots, and some become almost rich in the process.
26. All these changes in China s economic life have brought changes in China s social and cultural life as well, many of which unwanted.
27. If productivity measures the efficiency of an economy, a measure of what an economic system produces is its gross national product , which is the current market value of all final goods and services that a nation produces within a particular period.
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