Markets can have competition or monopoly, which affects how they work. ๐ค
In a competitive market, many sellers offer similar products, like different types of lemonade! ๐
If one stand sells lemonade for $1, another may sell it for $0.75! A monopoly is when only one seller controls everything, like a special candy store that has the only candy in town. ๐ฌ
Since there
are no other choices, they can set higher prices. Competition usually leads to better choices and lower prices for us!