Implications of Imperfect Competition

The main significance of the four characteristics of P-Competitive structure is that they are conducive to price competition. When those characteristics are missing, we may see

increased nonprice competition
decreased price competition.

We will explore these possibilities in turn. After exporing the kinds of nonrpice competition, we will explore monopolistic competition, a market structure associated with a great deal of nonprice competition. then go on to discuss oligopoly, in which reduced price competition is the central issue.