What is Imperfect Competition? What is Monopolistic Competition? What is Oligopoly?

Imperfect Competition is a market structure in which there are many sellers selling similar, but not identical, products. Examples include retail stores, grocery stores, and restaurants.

Monopolistic Competition is a market structure in which there are many sellers selling products that are differentiated from one another. Examples include clothing stores, bookstores, and electronics stores.

Oligopoly is a market structure in which there are a few sellers selling either the same product or different but related products. Examples include the airline industry, the banking industry, and the oil industry.

Examples of Imperfect Competition include the market for fast food restaurants and the market for general retail stores.

Examples of Monopolistic Competition include the market for clothing stores and the market for bookstores.

Examples of Oligopoly include the market for airlines and the market for oil companies.

In all three cases, the sellers are able to influence the price of the product by adjusting their production and marketing strategies.

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