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What is 'Imperfect competition'

Definition: Imperfect competition is a competitive market situation where there are many sellers, but
they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market
scenario. As the name suggests, competitive markets that are imperfect in nature.

Description: Imperfect competition is the real world competition. Today some of the industries and
sellers follow it to earn surplus profits. In this market scenario, the seller enjoys the luxury of influencing
the price in order to earn more profits.

If a seller is selling a non identical good in the market, then he can raise the prices and earn profits. High
profits attract other sellers to enter the market and sellers, who are incurring losses, can very easily exit
the market.
There are four types of imperfect markets:

- Monopoly (only one seller) - Oligopoly (few sellers of goods) - Monopolistic competition (many sellers
with highly differentiated product) - Monopsony (only one buyer of a product)

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IMPERFECT COMPETITIONMONOPOLISTIC COMPETITIONHETEROGENEOUS GOODSOLIGOPOLY

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Hysteresis

In economics, hysteresis is a situation which arises when any historical event affects the future economic
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ratio, the better is the company’s performance. Asset turnover ratio can be different fro

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economic growth of country is determined by factors such as Capital structure, Human resources,
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Barter

the hard currency came into existence, the most common form of trade was bartering. Barter
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exchange them with personal belongings of similar value. For example- A farmer gives his cattle in
exchange for some land, and so on. In simple words, any exchange of goods and services for other goods
and services wi

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Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to
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market and ensure that banks pass on the lower cost of fund to their customers. Loan pricing will be
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Definition: Imperfect competition is a competitive market situation where there are many sellers, but
they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market
scenario. As the name suggests, competitive markets that are imperfect in nature.

Imperfect Competition - The Economic Timeshttps://economictimes.indiatimes.com › ... › Economy

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What are the 3 types of imperfect competition?

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Imperfect Competition Definition - Investopediahttps://www.investopedia.com › Economy › Economics

Imperfect competition exists whenever a market, hypothetical or real, violates the abstract tenets of
neoclassical perfect competition.

Imperfect competition - Wikipediahttps://en.wikipedia.org › wiki › Imperfect_competition

In economics, imperfect competition refers to a situation where the characteristics of an economic

market do not fulfil all the necessary conditions of a ...

Conditions of imperfect... · Range of market structures · Monopolistic competition

Imperfect Competition - Overview, Characteristics, Market ...https://corporatefinanceinstitute.com › ... ›

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Feb 24, 2021 — Imperfect competition is an economic concept used to describe marketplace conditions
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Imperfect competition is a market containing non-competitive sellers. The products, target consumers,
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Imperfect Competition Market & Examples - Study.comhttps://study.com › academy › lesson ›

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Apr 19, 2022 — Imperfect competition occurs as a result of innovation and differing business practices.
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Imperfect competition | AP®︎/College Microeconomicshttps://www.khanacademy.org › imperfect-

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Chapter 11: The World of Imperfect Competitionhttps://open.lib.umn.edu › principleseconomics › part

Between these extremes lies the business landscape in which the vast majority of firms—those in the
world of imperfect competition—actually operate. Imperfect ...

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Imperfect competition

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 will cause market inefficiency when it happens, resulting in market failure. Wikipedia

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