imperfect competition
Definition
Real world' competition that is less effective in lowering price levels nearer to the cost levels than the theoretical perfect competition. Conditions that help cause imperfect competition include (1) restricted flow of information on costs and prices, (2) near monopoly power of some suppliers, (3) collusion among sellers to keep prices high, and (4) discrimination by sellers among buyers on the basis of their buying power.
imperfect competition is in the Advertising, Marketing, & Sales, Economics, Politics, & Society and Entrepreneurship, Management, & Leadership subjects.
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