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Imperfect competition

Imperfect competition in economic theory refers to 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.
  • 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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