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3.1.3 Imperfect Competition Imperfect competition refers to situations where there is limited or no competition. There are three categories of imperfect competition: monopolistic competition, oligopoly, and monopoly. In monopolistic competition, manufacturers do not interact with each other and can easily import and export products. Oligopoly occurs when a few companies dominate the market, leading to fewer options for consumers. Monopoly occurs when there is only one company in the market, giving them pricing power but also leading to resource concentration and unfairness. Government regulation is necessary to ensure fairness.

3.1.4 Externalities Externalities occur when one person's actions have costs or benefits that affect others without compensation. There are two types of externalities: positive and negative. Positive externalities occur when one person's actions benefit others without compensation, while negative externalities occur when one person's actions have a negative impact on others without compensation. The government can use taxes and subsidies to maintain balance, but negative externalities are the main concern.

3.2 UK Environmental Policy The UK's environmental policy focuses on energy conservation and environmental protection by transforming waste resources into new resources to save them. The goal is to improve living environments and prevent environmental degradation. This policy includes energy-saving resources, the development of a circular economy, and the recycling industry