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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. Imperfect competition causes market inefficiencies, resulting in market failure . [ 1 ]
Capital market imperfections are limitations that reduce the range of financial contracts that can be signed or honored. These restrictions are more common in capital markets. These restrictions are more common in capital markets.
Agents in a market can gain market power, allowing them to block other mutually beneficial gains from trade from occurring. This can lead to inefficiency due to imperfect competition, which can take many different forms, such as monopolies, [17] monopsonies, or monopolistic competition, if the agent does not implement perfect price discrimination.
The real estate market is an example of a very imperfect market. In such markets, the theory of the second best proves that if one optimality condition in an economic model cannot be satisfied, it is possible that the next-best solution involves changing other variables away from the values that would otherwise be optimal.
This typically happens in a market for inputs where numerous suppliers are competing to sell their product to a small number of (often large and powerful) buyers. It contrasts with an oligopoly, where there are many buyers but few sellers. An oligopsony is a form of imperfect competition.
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Imperfect competition is included in the JEL classification codes as JEL: D43, L13 Articles relating to imperfect competition , situations where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market , resulting in market failure .
Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other but selling products that are differentiated from one another (e.g., branding, quality) and hence not perfect substitutes.
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