Imperfectly Competitive Markets 🍔

🎯 Learning Targets

• Describe the structure of an oligopoly
• Define a monopoly
• Identify the types of monopolies that exist
• Describe the factors that affect price in oligopolies and monopolies

⏰ What We Did

• Used the instructional notes from Lesson 2, Part 6: Imperfectly Competitive Markets, to answer the following questions in complete sentences:

1. Define oligopoly, interdependent pricing, price leadership, price war, collusion, cartel, natural monopoly, economies of scale, geographic monopoly, technological monopoly, patent, copyright, and government monopoly.
2. Compare the characteristics of oligopolies and monopolies.
3. What are the four main types of monopolies? Under what conditions does each type tend to arise?
4. Identify the factors that affect prices in oligopolies and monopolies.