| Summary: | The development, in the early '30's, of the Theories of Monopolistic and Imperfect Competition, provided a valuable contribution to the toolkit of the theoretical economist. Subsequent work has both amplified and clarified the area of general applicability and a sophisticated body of analysis has been established. In certain respects however, the framework has not received sufficient attention. There is difficulty in explaining the phenomena experienced in retailing without placing a great strain upon the fabric of orthodox theory. The purpose of this study is to provide a picture of the theory as it has been developed over almost four decades, and ultimately, after discussion, to proceed to the development of an expanded analysis.
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