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Imperfect Competition

In this educational session, we explore the core concepts of Imperfect Competition based on the principles of microeconomics. This lecture is designed to help students and economics enthusiasts understand how market structures operate when producers have significant control over pricing and product differentiation. We dive deep into the two primary forms of imperfect competition: monopolistic competition and oligopoly. You will learn how firms use product differentiation—through branding, packaging, and advertising—to stand out in the market. The video explains how to calculate and interpret the concentration ratio, which measures the market dominance of the largest firms in an industry. Furthermore, we explore the dynamics of short-run and long-run economic profits, highlighting how the elasticity of demand changes based on rival actions. The discussion covers strategic decision-making using Game Theory and the Nash Equilibrium, explaining scenarios where firms might collude or compete. We also analyze the Kinked Demand Curve in non-collusive oligopolies and the powerful impact of cartels like OPEC on global markets. This video is for educational purposes only. All slides and materials referenced belong to their respective copyright holders (McGraw-Hill, S. Maurice, G. Thomas, and Ephia Zuka of Sheridan College). Video Chapters: 0:00 - Introduction to Imperfect Competition 1:50 - Product Differentiation Strategies 2:17 - Monopolistic Competition Explained 2:43 - Understanding Oligopoly and Market Dominance 2:50 - How to Calculate Concentration Ratios 4:32 - Characteristics of Monopolistic Competition 4:50 - Elasticity of Demand in Imperfect Markets 5:30 - Short-Run vs Long-Run Economic Profit 8:46 - Productive and Allocative Efficiency Appraisal 9:55 - The Role of Franchises in Limiting Competition 11:30 - Oligopoly Characteristics and Mutual Interdependence 12:15 - Collusion and Price Fixing 12:38 - Game Theory and the Nash Equilibrium 14:40 - Collusive Oligopoly: Cartels and OPEC Case Study 16:10 - Non-Collusive Oligopoly and Price Leadership 17:35 - The Kinked Demand Curve Model 18:40 - Final Appraisal of Oligopolies and Technological Innovation 19:11 - Conclusion and Copyright Disclaimer #microeconomics #economicslecture #monopoly #oligopoly #gametheory #nashequilibrium #businesseducation #marketstructure #mcgrawhill