Economists define the extremes of market competitiveness as monopolistic and perfect competition.

We are all familiar with the term monopoly where one firm is the only supplier of a product.

Perfect competition exists in industries where there are many suppliers that manufacture or sell commodities such as chemicals or wheat.

In the real world, or at least in the free world, there are few if any examples of either a true monopoly or a perfectly competitive supplier. There is a wide range between the two extremes, and most competitors engage in what economists refer to as Imperfect Competition.

If a market is functioning in a manner that is close to being a monopoly, it is referred to as an oligopoly.

The new installation lift industry in the USA is commonly described as an oligopoly.