The greater extent to which price is raised above marginal cost, the greater the market inefficiency. Competition in markets ranges from perfect competition to pure monopoly, where monopolies are imperfectly competitive markets with the greatest ability to raise price above marginal cost.
the greater extent to which price is raised above marginal cost the greater the market inefficiency competition in markets ranges from perfect competition to pure monopoly where monopolies are imperfectly competitive markets with the greatest ability to raise price above marginal cost