What does imperfect competition mean?
Definitions for imperfect competition
im·per·fect com·pe·ti·tion
This dictionary definitions page includes all the possible meanings, example usage and translations of the word imperfect competition.
Wikipedia
Imperfect competition
The imperfect competition is the situation of market failure in which, unlike the situation of perfect competition, the law of supply and demand is not freely used to determine prices, but in which there must be a balance in the prices determined. In a situation of imperfect competition, the firms may have sufficient market power to affect the price of the market. The main consequences of such market power have a negative impact on consumer welfare and a loss of efficiency. It should also be taken into account that under certain circumstances, the fact that firms compete in such environments does not necessarily imply a loss of consumer welfare. In some cases, perfect competition is caused by the pricing power of producers, such as in oligopolies and monopolies, while in others, perfect competition is a consequence of the pricing power of the demanders, as in oligopsonies and monopsonies. Monopolistic competition is the manufacture of differentiated products at different prices and this also goes against the homogeneity of the product. Publicity is also a source of perfect competition, because it distorts the homogeneity of the product of the different producers and alters the prestige and degree of knowledge that consumers have of the products in a way that benefits the producer.In economic theory, perfect competition is a type of market structure showing some but not all features of competitive markets.
Numerology
Chaldean Numerology
The numerical value of imperfect competition in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of imperfect competition in Pythagorean Numerology is: 9
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"imperfect competition." Definitions.net. STANDS4 LLC, 2024. Web. 30 Apr. 2024. <https://www.definitions.net/definition/imperfect+competition>.
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