Title: Imperfect competition - Wikipedia
Headings: Imperfect competition
Imperfect competition
Contents
Conditions of imperfect competition
Range of market structures
Monopolistic competition
Oligopoly
Duopoly
Monopoly
Intensity of price competition
See also
References

Content: Imperfect competition - Wikipedia
Imperfect competition
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In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market, resulting in market failure. The structure of a market can significantly impact the financial performance and conduct of the firms competing within it. The degree of market power refers to the firms' ability to affect the price of a good and thus, raise the market price of the good or service above marginal cost (MC). Moreover, market structure can range from perfect competition to a pure monopoly. Perfect competition is a market situation and competitive outcome that economists use as a benchmark for economic welfare analysis and efficiency. Contents
1 Conditions of imperfect competition
2 Range of market structures
2.1 Monopolistic competition
2.2 Oligopoly
2.3 Duopoly
2.4 Monopoly
3 Intensity of price competition
4 See also
5 References
Conditions of imperfect competition
If ONE of the following conditions are satisfied within an economic market, the market is considered "imperfect": The market's goods and services are heterogeneous or differentiated. This means that firms can charge higher prices as their goods and services are perceived as better; The market contains ONE or few sellers; There are barriers to market entry and exit.