Imperfect, Monopolistic, and Workable Competition

Document Type

Book Chapter

Publication Date

3-1-2013

Abstract

This chapter considers key elements added to the theoretical landscape of competitive markets brought by the Sherman Act and the subsequent theories that emerged after the passing of the Act. These features are: oligopoly, product differentiation, monopolistic competition, price discrimination, and barriers to entry. It examines the accounts of economists Joan Robinson, Edward Chamberlin, and John Maurice Clark, each of whom offered explanations of market competition as far less than perfect. The chapter also looks into the different policy responses to their respective accounts.

Keywords

competitive markets, sherman Act, Joan Robinson, Edward Chamberlin, John Maurice Clark, oligopoly, product differentiation, monopolistic competition, price discrimination

Publication Title

The Making of Competition Policy

DOI

https://doi.org/10.1093/acprof:osobl/9780199782796.003.0005

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