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Perfect markets refer to markets where there is competition and sellers are price takers. An imperfect market refers to markets that have a dominant seller and they are able to set the price.

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What are the key differences between perfect and imperfect competition in the market?

Perfect competition is a market structure where there are many buyers and sellers, identical products, perfect information, and no barriers to entry or exit. In contrast, imperfect competition includes elements like differentiated products, market power for some firms, and barriers to entry.


What is the differences between perfect and imperfect markets?

Perfect markets refer to markets where there is competition and sellers are price takers. An imperfect market refers to markets that have a dominant seller and they are able to set the price.


What are the key differences between perfect competition and imperfect competition in the market structure?

In perfect competition, there are many buyers and sellers, products are identical, and there are no barriers to entry. In imperfect competition, there are fewer sellers, products may be differentiated, and there may be barriers to entry.


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Perfectly competitive markets are those where a "standardized" product (think corn or wheat) is exchanged. In such markets there are many, many sellers and buyers, so no single buyer or seller is able to have any effect on the market via their actions.


How is imperfect competition different from perfect competition in terms of market structure and pricing dynamics?

Imperfect competition differs from perfect competition in market structure and pricing dynamics. In imperfect competition, there are fewer sellers and barriers to entry, allowing firms to have some control over prices. This leads to higher prices and potentially lower quantities produced compared to perfect competition, where there are many sellers and prices are determined by market forces.


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