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- Dictionaryimperfect competition
noun
- 1. the situation prevailing in a market in which elements of monopoly allow individual producers or consumers to exercise some control over market prices.
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noun
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In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market. Imperfect competition causes market inefficiencies, resulting in market failure. Imperfect competition usually describes behaviour of suppliers in a market, such that the level of competition between sellers is below... Wikipedia