Imperfect Competition and Its Polar Case of Monopoly

Perfectly competitive markets are the ideal in today’s economy. In fact; while often looked for, they are ‘seldom found. When you buy )’our car from Ford or Toyota, your hamburgers from McDonald’s or Wendy’s, or your computer fro III Dell or Apple, you are dealing with firms large enough to affect the market price. Indeed, most markets in the economy are dominated by a .handful of large firms, often only two or three. Welcome to the world you live in, the world of imperfect competition.

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