Dive into Unit 4 of AP Microeconomics with this episode on imperfectly competitive markets, where real-world examples like Starbucks, Nike, and iPhones replace the idealized perfect competition model. Explore how firms gain market power as price makers, facing downward-sloping demand curves, and discover the spectrum from monopolistic competition to oligopoly and monopoly. Master the key graphs and concepts that bridge Units 2 and 3 for AP exam success.

• Definition of imperfect competition: firms with market power to set prices above marginal cost
• Spectrum of market structures: perfect competition to monopolistic competition, oligopoly, and monopoly
• Real-world examples: restaurants (monopolistic comp), smartphones/airlines (oligopoly), utilities (monopoly)
• Downward-sloping dema ...