is a monopoly imperfect competition 
a monopoly is a clear example of imperfect competition defined as a market dominated by one seller monopolies allow firms to set any price they wish and yield high levels of profit in monopolistic industries buyers rarely have full information about market conditions when transacting they may be subject to a range of fees and costs in addition monopolies often feature high barriers to entry for prospective competitors the bottom lineimperfect competition refers to any market that is less than perfectly competitive under the hypothetical ideal of perfect competition all producers and consumers have full information market share does not influence price firms sell identical products and companies are able to enter or exit markets without barriers thus in contrast imperfectly competitive markets may exhibit characteristics such as asymmetrical access to information the presence of price makers monopolies and barriers to market entry 