Title: Competition (economics) - Wikipedia
Headings: Competition (economics)
Competition (economics)
Contents
Firm competition
Perfect vs imperfect competition
Perfect competition
Imperfect competition
Types of imperfect competition
Monopoly
Oligopoly
Monopolistic competition
Dominant firms
Effective competition
Competitive equilibrium
Role in market success
Historical views
Appearance in real markets
Time variation
Anti-competitive pressures and practices
Anti-competitive practices
National competition
History of competition
1980s
1990s
Role of infrastructure investments
Trade competition
Trade Competitiveness Index (TCI)
Criticism
Critiques of perfect competition
Critique about national competition
See also
Notes
References
Further reading
External links

Content: In a perfectly competitive market, firms/producers earn zero economic profit in the long run. Imperfect competition
Imperfectly competitive markets are the realistic markets that exist in the economy. Imperfect competition exist when; buyers might not have the complete information on the products sold, companies sell different products and services, set their own individual prices, fight for market share and are often protected by barriers to entry and exit, making it harder for new firms to challenge them. An important differentiation from perfect competition is, in markets with imperfect competition, individual buyers and sellers have the ability to influence prices and production. Under these circumstances, markets move away from the neoclassical economic definition of a perfectly competitive market, as the market fails the criteria and this inevitably leads to opportunities to generate more profit, unlike in a perfect competition environment, where firms earn zero economic profit in the long run. These markets are also defined by the presence of monopolies, oligopolies and externalities within the market. The measure of competition in accordance to the theory of