13. Review the four conditions that must exist for perfect (or pure) competition to existing. Then, hold three of them constant while you consider the effect of changing one condition. Forecast how prices would be affected, and why. A forecast is included as an example.

1. The market has many consumers, but only one seller. (The seller would have a monopoly and, with no competitors, would be able to charge a higher price.)
2. The market has many sellers, but only one consumer.
3. Each seller's product is somewhat different from that of the others.
4. Consumers are not well informed about the selling prices of the various supplies of the product.