Imperfect competition is the situation of market failure in which, unlike the situation of perfect competition, a single agent of those who act in the market or a few of them have some power to affect prices.
The main consequences of this market power are a negative impact on consumer welfare and a loss of efficiency.
Monopoly - one seller
Oligopoly - few sellers
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A monopoly is a situation of legal privilege or market failure, in which there is a producer (monopolist) who has a great market power since he is the only one in the industry that has a product, good, resource and service determined and differentiated.