Question

What do you understand by market of imperfect competition?

Answer 1

Answer:

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.

Answer 2

The market of imperfect competition is the market in which many sellers sell different types of goods.

What is the importance of an imperfect market?

• It supplies and demands the products which are beneficial for the customer
• There are a large number of buyers and sellers so the customer decides the price of any product
• In this market, all the companies know the condition of the market and technology
• There is a barrier to enter and exit in the imperfect market