imperfect competition
Imperfect competition refers to a market scenario in which there are multiple firms operating, but they possess some degree of market power, allowing them to influence prices and competition to a certain extent. In imperfectly competitive markets, firms have differentiated products, brand loyalty, barriers to entry, or other factors that make them distinct from their competitors, which results in a less than perfectly competitive environment.
Requires login.
Related Concepts (1)
Similar Concepts
- conflict and competition
- cooperative competition
- corporate competition
- economic competition
- fair competition
- imperfect information
- inadequate market competition
- incomplete markets
- inter-group competition
- intergroup competition
- intraspecific competition
- market competition
- monopolistic competition
- non-competitive behavior
- non-price competition