Seriously, no kidding, this is not a joke. I will need your name by the end of class on April 6. If you can't make that time either, you will have to negotiate with me personally. Review in class on Monday April 6. In between oligopoly and perfect competition are market structures with relative low concentration ratios in which individual firms have some market power and face a downwardly sloping demand curve.
Consumers are usually willing to pay a premium for brand name products.
This is what advertising is about. This is what the McLibel video clip is about. Under monopolistic competition, barriers to entry are generally lower than in oligopoly. This means that if one firm starts making a huge non-economic profit, other firms will enter the industry. Under perfect competition, the entry of new firms lowered the market price, thus eliminating economic profits for the competitive firm.