Oligopoly and Monopolistic Competition
Earlier chapters analyzed the market structures of perfect complete monopoly. If you look out the window at the American however, you’ll find that such polar cases are rare; you are mort” lik: varieties of imperfect competition between these two extremes. are populated by a small number of firms competing with each other.
What are the key features of these intermediate “t~pesof imperfect competitors? How do they set their prices? To answer” this question. we look ‘closely at what happens under oligopoly and monopolistic competition, paying special attention to the role of concentration and strategic interaction.
The next section then focuses 011 large corporations. since these are the predominant form of economic organization in the modern capitalist economy. We end the chapter with a comparison of the economic costs and benefits of imperfect competition.
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