Imperfect Competition

Discipline: Economics

Developed by English economist Joan Robinson (1903-1983), imperfect competition refers to a market in which consumers do not have the sufficient power or knowledge to influence prices.

In a state of imperfect competition, a supplier may raise the price of a product or lower its quality and yet can stay in business.

Imperfect competition constrasts with perfect competition.

Also see: monopolistic competition

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