ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Imperfect markets do not meet the rigorous standards of a hypothetical perfectly or purely competitive market. Imperfect markets are characterized by having competition for market share, high barriers to entry and exit, different products and services, and a small number of buyers and sellers.

Detailed explanation-2: -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-3: -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.

Detailed explanation-4: -In a perfectly competitive market, the sellers sell identical products. While the sellers in the case of an imperfectly competitive market sell non-identical products. This means that sellers in the imperfectly competitive market choose their own specialties according to their knowledge and choice.

Detailed explanation-5: -A monopolistic competition is a type of imperfect competition where there are many sellers in the market who are competing against each other in the same industry. They position their products, which are near substitutes of the original product.