Market Structure and Pricing — Economics STD 11 — Question
Tamilnadu BoardEnglish MediumSTD 11EconomicsMarket Structure and Pricing2 Marks
Question
Define “ Imperfect competition”?
✓
Answer
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. As the name suggests, competitive markets are imperfect in nature.
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