Write down the meaning of imperfect competition.
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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.
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An imperfect competition market means the market which is not working properly as compared to perfect competition.
What are the conditions for an imperfect market?
- In this market, the price of the product is high
- There are fewer buyers and sellers are present in this market
- Firms are limited in this market and there is a restriction to enter and exit of the firm
- The firm is determined the price of the product
- The prices of the products are different in various areas
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