Encyclopedia > Imperfect competition

Article Content

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.

All Wikipedia text is available under the terms of the GNU Free Documentation License

Search Encyclopedia

Search over one million articles, find something about almost anything!

Featured Article

Shinnecock Hills, New York

... 10.41% of the population are Hispanic or Latino of any race. There are 502 households out of which 24.1% have children under the age of 18 living with them, 52.8% are ...