IMPERFECTION COMPETITION

DEFINITION

• type of market that does not operate under the-
• rigid rules of perfect competition

EXPLANATION

• Perfect competition implies an industry or market-
• which suppliers can influence prices barriers to entry-
• and exit are small, all suppliers offer the same goods,
• Aka "Real World Competition"
• Hhd

STRUCTURES

• The two market structures that are technically included in the-
• category of imperfect competition are:
• monopolistic competition
• oligopoly

ALSO......

• market structures are notable because they do not efficiently-
• allocate resources. They are inefficient because they have market control.
• However, whether market control is modest or significant, imperfectly-
• competitive sellers face negatively-sloped demand curves and imperfectly-
• competitive buyers face positively-sloped supply curves.