question archive Imperfect competition can be extreme (a monopoly) or less extreme (oligopoly)

Imperfect competition can be extreme (a monopoly) or less extreme (oligopoly)

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Imperfect competition can be extreme (a monopoly) or less extreme (oligopoly). What is the difference in the effects between these "degrees" of imperfect competition? Is less competition better or worse for society? How do you know, or how can you tell?

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