Definition of imperfect competition in English:

imperfect competition

Line breaks: im|per¦fect com|pe¦ti¦tion

noun

[mass noun]
  • The situation prevailing in a market in which elements of monopoly allow individual producers or consumers to exercise some control over market prices.
    More example sentences
    • Thirdly, trade liberalization limits the market power of firms, and as a consequence, price distortions resulting from imperfect competition will decrease and efficiency will increase.
    • But neoclassical economics can readily expand to models of imperfect competition that are perfectly capable of generating it.
    • There are arguments for free trade even if trade flows respond more to imperfect competition than to comparative advantage.

More definitions of imperfect competition

Definition of imperfect competition in:

Get more from Oxford Dictionaries

Subscribe to remove adverts and access premium resources

Word of the day mage
Pronunciation: meɪdʒ
noun
a magician or learned person