situations in which goods are priced too highly because of lack of competition (monopolies, oligopolies, etc.) or lack of information about market conditions.
Any market structure in which firms are not price takers, but instead must seek the price and output levels that maximize their profits. See also Perfect competition.
any market structure in which there is some competition but firms face downward-sloping demand curves
A market situation in which one or more buyers or sellers have an influence on prices.
any market situation that is not perfectly competitive
All market structures except pure or perfect competition. Imperfect competition includes monopolistic competition, oligopoly, and monopoly.
In economic theory, imperfect competition, is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied.