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.
- Monopsony, where there are many sellers but only one buyer, and oligopsony, where there are many sellers but few buyers.
References
- ↑ Sullivan, Arthur; Steven M. Sheffrin (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.