Editing Microeconomics (section)

=== Imperfect competition ===
{{main|Imperfect competition}}

Imperfect competition is a type of market structure showing some but not all features of competitive markets. In perfect competition, market power is not achievable due to a high level of producers causing high levels of competition. Therefore, prices are brought down to a marginal cost level. In a monopoly, market power is achieved by one firm leading to prices being higher than the marginal cost level. <ref>{{cite book |last1=Goolsbee |first1=Austan |title=Microeconomics |date=2019 |publisher=Macmillan Learning |location=New York |isbn=978-1319325435 |edition=3rd}}</ref> 
Between these two types of markets are firms that are neither perfectly competitive or monopolistic. Firms such as Pepsi and Coke and Sony, Nintendo and Microsoft dominate the cola and video game industry respectively. These firms are in '''imperfect competition''' <ref>{{cite book |last1=Goolsbee |first1=Austan |title=Microeconomics |date=2019 |publisher=Macmillan Learning |location=New York |isbn=978-1319325435 |edition=3rd}}</ref>