A. BEHAVIOR OF IMPERFECT COMPETITORS
Look back at Table 9-1, which shows the following kinds of market structures: (1) Perfecta competition is. found when a large number of firms produce an identical product. (2) Monopolistic competition occur when a large number of firms produce slightly differentiated products. while (3) oligopoly is an intermediate form of imper feet competition in which an industry is dominated by a few firms. The most market structure is (4) entire output ” of an industry, . ‘ In many situations-such as deciding whether government should intervene in a its monopoly position-economists need a quantitative of “the extent of market power. power signifies the degree of control that a single firm or a small number of firms has over the price and production decisions in an industry.
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