Question

What is the difference between perfect and imperfect market?

Answer 1

Answer:

⏩⏩✔Perfect Competition is a type of competitive market where there are numerous sellers selling homogeneous products or services to numerous buyers. ✔Imperfect Competition is an economic structure, which does not fulfill the conditions of the perfect competition.⏪⏪

Answer 2

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The competitive market, in which there are a large number of buyers and sellers, and the sellers supply identical products to the buyers; it is known as perfect competition. Imperfect competition occurs when one or more conditions of the perfect competition are not met.