Imperfect market

Updated: Aug 20, 2021

A market in which the theoretical assumptions of perfect competition are not fulfilled. This may be because there are few buyers, few seilers, a non-homogenous product, an inadequate flow of information or barriers to entry. There are three types of imperfect market which are separately analysed, viz. monopoly, oligopoly and monopolistic competition.

Reference: The Penguin Dictionary of Economics, 3rd edt.

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James Knight
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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.