Principles of Microeconomics / Unit 9 MIC 0801 short lesson, about 20 seconds
Between the Poles: Imperfect Competition
Captions available
The idea
Most markets sit between perfect competition and monopoly. Firms there have some power over price, less than a monopolist's, and the two main cases are monopolistic competition and oligopoly.
In practice
Restaurants and hair salons on one side; airlines and phone carriers on the other.
Where people slip
Both are measured against the competitive benchmark, and both fall short of it.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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