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Imperfect competition |
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Imperfect competitionAny departure from perfect competition. However, imperfect competition usually refers to one of the market structures other than perfect competition.Similar MatchesIn competitionIn competitionIndication that the customer has revealed trading interest to multiple brokers and that the trade will take place with the firm having the highest bid or lowest offer. Antithesis of exclusive. Perfect competitionPerfect competitionAn idealized market structure in which there are large numbers of both buyers and sellers, all of them small, so that they act as price takers. Perfect competition also assumes homogeneous products, free entry and exit, and complete information. Most international trade theory prior to the New Trade Theory assumed perfect competition. CompetitionCompetitionIntra- or intermarket rivalry between or among businesses trying to obtain a larger piece of the same market share. CompetitionCompetitionThe interactions between two or more sellers or buyers in a single market, each attempting to get or pay the most favorable price. Economists usually interpret and model these interactions as among individual economic agents -- firms or consumers. Popular terminology extends also to competition among nations, especially competing exporters. Cournot competitionCournot competitionThe assumption, assumed to be made by firms in an oligopoly, that other firms hold their outputs constant as they themselves change behavior. Contrasts with Bertrand competition. Both are used in models of international oligopoly, but Cournot competition is used more often. Further SuggestionsPerfect competitionBertrand competition Competition ahead Monopolistic competition Competition policy |
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