What is imperfect competition?

Business & Management
#1

Some characteristics of imperfect competition are:
Large number of Sellers and Buyers: There are large numbers of sellers in the market. …
Product Differentiation: Another important characteristic is product differentiation. …
Selling Costs: …
Free Entry and exit of Firms: …
Price-makers: …
Blend of Competition and Monopoly
Imperfect competition is true competition in the world. Some of the manufacturers and sellers are doing it today to gain surplus profits. In this scenario, the seller takes advantage of the privilege of influencing the price to gain more money.