Types of imperfect market competition

microeconomics

1. Imperfect Competition TYPES OF

2. Imperfect Market Competition “Imperfect competition is a competitive market situation where there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market scenario .”

3. Types of Imperfect Market Competition

4. Monopoly A market structure characterized by a single seller, selling a unique product in the market. In a  monopoly  market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

5. Monopolistic Competition Monopolistic competition is a competitive market setting wherein there are many sellers who offer differentiated products to a large number of buyers .

6. Oligopoly An  oligopoly  is an economic market whereby a small number of companies or countries generate and control the entire supply of a good or service .

7. Monopsony From Greek word monos (single) and opsonia (purchase). A market situation in which there is only one buyer.