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Imperfect Competition

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Imperfect Competition : 

Imperfect competition is a type of market showing some but not all the features of a competitive market. Following are some of the types of imperfect market.

  • Imperfect competition refers to any economic market that does not meet the rigorous assumptions of a hypothetical perfectly competitive market.
  • In this environment, companies sell different products and services, set their own individual prices, fight for market share, and are often protected by barriers to entry and exit.
  • Imperfect competition is common and can be found in the following types of market structures: monopolies, oligopolies, monopolistic competition, monopsonies, and oligopsonies.
  • Economists generally agree that real-world markets rarely meet the assumptions of perfect competition, but disagree as to how much of a substantial difference this makes for market outcomes.
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