In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfill all the necessary conditions of a perfectly competitive market. Imperfect competition causes market inefficiencies, resulting in market failure.
In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfill all the necessary conditions of a perfectly competitive market. Imperfect competition causes market inefficiencies, resulting in market failure.
Source: Wikipedia "Imperfect competition" · CC BY-SA 4.0
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