Imperfect competition
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Imperfect competition is a competition that does not fit the definition of perfect competition either because it involves a smaller number of firms or only one firm, or products that aren't identical.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Imperfect competition. Competition that does not fit the definition of perfect competition either because it involves a smaller number of firms or only one firm, or products that aren't identical.
