AN IMPERFECTLY COMPETITIVE MARKET MODEL OF THE U.S. LETTUCE INDUSTRY
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An econometric model was specified to represent the U.S. lettuce industry. Cursory examination of the industry structure suggests that imperfect competition may prevail in the lettuce market. Therefore, relations were specified that allowed for the possibility of imperfectly competitive behavior to affect market equilibrium outcomes. Specifically, a supply price equation was specified to account for the influence of market power of large growers, particularly during seasons of geographically concentrated production. Results do not contradict the hypothesis that imperfect competition exists in the lettuce market.