Chapter Outline

11.1 Imperfect Competition

11.2 Monopolistic Competition

11.3 Oligopoly and Game Theory

11.4 Oligopoly in Practice

AFTER STUDYING THIS CHAPTER YOU WILL BE ABLE TO

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 Learning Objectives (LO)

1. recognize that Canadian industries typically have either a large

number of small firms or a small number of large firms.

2. identify the characteristics of imperfectly competitive firms.

3. describe the key elements of the theory of monopolistic

competition.

4. use game theory to explain the difference between cooperative

and non-cooperative outcomes among oligopolists.