What about the vast majority of real world firms and organizations that fall between these extremes, firms that

we could describe as imperfectly competitive? What determines their behavior? They have more influence

over the price they charge than perfectly competitive firms, but not as much as a monopoly. What will they do?

One type of imperfectly competitive market is monopolistic competition. Monopolistically competitive

markets feature a large number of competing firms, but the products that they sell are not identical. Consider,

as an example, the Mall of America in Minnesota, the largest shopping mall in the United States. In 2010, the

Mall of America had 24 stores that sold women’s “ready-to-wear” clothing (like Ann Taylor and Urban

Outfitters), another 50 stores that sold clothing for both men and women (like Banana Republic, J. Crew, and

Nordstrom’s), plus 14 more stores that sold women’s specialty clothing (like Motherhood Maternity and
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