Imperfect competition

Imperfect competition is a market situation in which large number of buyers and sellers produce
heterogeneous product. Monopoly ,duopoly and oligopoly are the important features of imperfect
competition.price is determined by firm itself and can control the output.

Characterstics:

Large number of sellers : sellers are comparatively less with the perfect competition.in this market,a
commodity is produced by considerable number of sellers.

Heterogeneous product: different type of products are produced which means one product cant be
substituted with other.

Restrictions on entry and exit : There are restrictions for the firm either to enter into or exit from the
industry.

Imperfect knowledge : Buyers will have imperfect knowledge and they are influenced by publicity and
advertisement.

Example: