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Imperfect competition

Imperfect competition Definition

In economic theory, imperfect competition, is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied.

Forms of imperfect competition include:

  • Monopoly, in which there is only one seller of a good.
  • Oligopoly, in which there is a small number of sellers.
  • Monopolistic competition, in which there is many sellers producing highly differentiated goods.
  • Monopsony, in which there is only one buyer of a good.
  • Oligopsony, in which there is a small number of buyers.

There may also be imperfect competition in markets due to buyers or sellers lacking information about prices and the goods being traded.








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