VARIETIES OF IMPERFECT COMPETITORS

A modern industrial economy like the United States is a jungle populated with many species of imperfect competition. The dynamics of the personal computer industry, driven by rapid improvements in technology, are different from the patterns of competition in the not-so-lively funeral industry.

Nevertheless, much can be learned about an industry by paying careful attention to its market structure, particularly the number and size of sellers and how much of the market the largest sellers control. Economists
classify imperfectly competitive markets into three different market structures.

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