Asked by Jessica Redding on Jul 15, 2024
Verified
The term imperfect competition refers to every market structure besides pure competition.
Imperfect Competition
A market structure that does not meet the conditions of perfect competition, characterized by firms having control over the price of their goods or services.
- Explain the concept of imperfect competition and how it differs from pure competition.
Verified Answer
TR
Thato RamatsebaJul 20, 2024
Final Answer :
True
Explanation :
Imperfect competition encompasses all market structures that do not meet the criteria of perfect competition, including monopolistic competition, oligopoly, and monopoly, where firms have some control over market prices.
Learning Objectives
- Explain the concept of imperfect competition and how it differs from pure competition.