This text incorporates new information and devotes more time and space to the issues of agricultural industrialization and market structure likely to be faced by applied economists.

• Responds to a critical need to train students to work in the new world of agricultural markets
• Explicitly integrates empirical analysis of issues while maintaining the theoretical and practical issues of applied market analysis
• Places a high emphasis on market structure, imperfect competition, vertical coordination, contracting, etc., providing students with the necessary background to understand the new environment in which they will be expected to operate
• Includes some introduction to game theory with applications
• Contains practical examples, "key questions", exercises, and questions posed to students that can be used by instructors to stimulate classroom discussion.