Imperfect competition

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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

  1. 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.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

Other references

  • Massimiliano Vatiero (2009), "An Institutionalist Explanation of Market Dominances". World Competition. Law and Economics Review, 32(2):221-6.