C. A BALANCE SHEET ON IMPERFECT COMPETITION

Politicians like to extol “small business” and the “family farm” while disparaging “big businesses” With their “obscene profits.” Does economic analysis justify this romantic picture? In this section we assess the economic impact of imperfect competition on today’s economy. We begin by showing how imperfect competition distorts resource allocation. Then vied quantitative estimates of the waste due to Imperfect competition. We conclude by examining the policy measures that governments can use to control the damage from imperfect competition.

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