Imperfect competition is when markets lack the conditions of perfect competition, allowing forces to manipulate prices. Factors contributing to this include lack of information, marketing differentiated products, and barriers to entry. Joan Robinson introduced the concept in 1933. Imperfect competition is a term used to describe a market in which the conditions that characterize perfect […]
An imperfect market lacks relevant information for buyers and sellers, leading to delays in transactions and imperfect competition. Governments intervene to minimize blockages in information flow and improve market efficiency, but all markets are imperfect to some degree. An imperfect market is any type of inversion market where the relevant information is not available to […]
