1. (economic definition) A market situation in which many sellers, each of whom has a relatively small market share, compete for consumer patronage. The term originated with English economist Joan Robinson in the 1930s. 2. (environments definition) The market conditions in which firms have some control, but not necessarily absolute control, over pr [..]

Any departure from perfect competition. However, imperfect competition usually refers to one of the market structures other than perfect competition.

Any markets or industries that do not match the criteria for perfect competition. The key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by [..]

Definition Any departure from perfect competition. However, imperfect competition usually refers to one of the market structures other than perfect competition.

Any situation where a monopoly or oligopoly controls the market for a certain product. The lack of competition raises prices, lowers quality, slows down innovation and exploits customers. (See market [..]

Any market structure in which firms are not price takers, but instead must seek the price and output levels that maximize their profits.

A market situation in which one or more buyers or sellers are important enough to have an influence on price.

Imperfect competitors are individuals or firms who face downward-sloping demand curves or upward-sloping supply curves for some product(s). This is ...

Any markets or industries that do not match the criteria for perfect competition. The key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by [..]

A market situation or structure in which producers have some degree of control over the price of their product. Examples include monopoly and oligopoly. See also perfect competition.