Micro Unit 4 Intro- Imperfect Competition AP Economics

Mr. Clifford provides an overview of microeconomics unit 4, focusing on imperfect competition. The video covers three market structures: monopoly, monopolistic competition, and oligopolies. It explains the characteristics and graphs of monopolies, highlighting the differences from perfect competition. The video also introduces monopolistic competition, where firms can enter the market, leading to zero economic profit in the long run. Finally, it discusses oligopolies and game theory, emphasizing the importance of understanding dominant strategies and game theory matrices.

Explain the concept of monopolistic competition and how it relates to monopoly and perfect competition.

What is game theory and how does it apply to oligopolies?