Answer to Question #154144 in Microeconomics for Khushi

Question

What is an imperfect competition

Answer 1

Imperfect Competition is a competitive market where there are many sellers but selling different/dissimilar/heterogeneous goods as compared to perfect competitive.

This economic market does not meet the rigorous standards of a hypothetical perfectly market.

Companies sell different products and services, set their price,fight for market share and are protected by barriers to entry and exit.