imperfect competition

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Any form of competition where the requirements of perfect competition are not met. Forms of perfect competition include: monopoly (single supplier in the market); oligopoly (few suppliers in the market); monopolistic competition (one supplier selling many different types of goods); monopsony (in which there is only one buyer of goods and services); oligopsony (in which there are only a small number of buyers of goods); and information asymmetry (where one competitor has access to better information than other competitors). See also competition.

Subjects: Economics — Marketing.

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