Imperfect Competition

Here you will learn about imperfect competition and the two models that fall under it: monopolistic competition and oligopoly. We will also touch upon game theory through the Prisoner's Dilemma Model and a discussion of the Nash Equilibrium.

Objectives

Upon successful completion, you will be able to:

• identify the characteristic differences between the previously-studied market structures and imperfectly competitive markets, and discuss differences in their operations; and
• compare and contrast as well as discuss the three main kinds of economic systems.