Definition of imperfect competition in English:
The situation prevailing in a market in which elements of monopoly allow individual producers or consumers to exercise some control over market prices.
- 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.
Definition of imperfect competition in:
- US English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
Most popular in the US
Most popular in the UK
Most popular in Australia
Most popular in Malaysia
Most popular in India
Most popular in Pakistan