Imperfect competition
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.[1]
Forms of imperfect competition include:
- Oligopoly, in which there are few sellers of a product.
- Monopolistic competition, in which there are many sellers producing highly differentiated products.
- Monopoly, where there are many buyers but only one seller.
- Monopsony, where there are many sellers but one buyer.
- Oligopsony, where there are many sellers but few buyers.
References
- ↑ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. p. 153. ISBN 0-13-063085-3.
Other references
- Massimiliano Vatiero (2009), "An Institutionalist Explanation of Market Dominances". World Competition. Law and Economics Review, 32(2):221-6.
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