Definition of imperfect competition in English:

imperfect competition


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.

    • ‘But neoclassical economics can readily expand to models of imperfect competition that are perfectly capable of generating it.’
    • ‘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.’
    • ‘There are arguments for free trade even if trade flows respond more to imperfect competition than to comparative advantage.’
    • ‘Market measures of imperfect competition used in this study arc the Lerner index, buyers' market shares, and the seller concentration ratio.’
    • ‘In chapter 2, however, we learn about market failure and imperfect competition.’