ABSTRACT
The general concept of imperfect competition has fascinated researchers over the years. Over die last two decades, we have seen a boom in the number of studies which have attempted to quantify this concept. The existing empirical studies have been directed at specific industries which were known to be characterized by high concentration ratios and lack of competition. These studies have attempted to evaluate the degree to which an industry exhibited monopoly power by measuring and estimating the markup over the estimated or observed marginal costs.
