Readthe section "Competing in Imperfectly Competitive Markets" on pages 369-372. Writea short essay in which you state the answer to the following questions. In your answers, you can use the relevant concepts of the course's Units and refer to discussions in the class meetings.

1. What is the conclusion regarding the market power of imperfectly competitive markets?

2. What are the variables that can be used for non-price competition?

3. Do these variables need to be considered when formulating an economically sound business strategy? Why?