ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Imperfect competition can be found in the following types of market structures: monopolies, oligopolies, monopolistic competition, monopsonies, and oligopsonies. In monopolies, there is only one (dominant) seller.

Detailed explanation-2: -In the imperfect competition market, both Average revenue curve and Marginal revenue curve slope downwards from left to right. Also, the Marginal revenue curve is always below the Average Revenue curve. At some point, marginal revenue may also be zero and then negative. However, Average revenue will always be positive.

Detailed explanation-3: -An imperfect market is an environment in which all parties do not have complete information, and in which participants can influence prices. All markets are imperfect to some degree.

Detailed explanation-4: -Oligopoly: An Overview. A monopoly and an oligopoly are market structures that exist when there is imperfect competition. A monopoly is when a single company produces goods with no close substitute, while an oligopoly is when a small number of relatively large companies produce similar, but slightly different goods.