Many of the companies with which you are most familiar do not exist in highly competitive markets. The major automobile manufacturers, airlines, telecommunications companies, food producers, and discount retailers compete in an oligopolistic market structure. At a local level, many of the utilities you use are monopolies. Oligopoly and monopoly are common market structures in the United States. To know how the American economy works, you need a good understanding of these imperfectly competitive market structures.

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