n imperfect market is a market where the conditions for perfect competition are not met. In an imperfect market, there are one or more factors that restrict the free flow of information, prevent equal access to resources, or hinder competition among firms.
There are various types of imperfect market
- Monopoly: A market in which there is only one seller of a product or service, which gives them a significant degree of market power.
- Oligopoly: A market in which a few large firms dominate the industry, and they may coordinate their actions to limit competition.
- Monopsony: A market in which there is only one buyer of a product or service, giving them significant market power over suppliers.
- Oligopsony: A market in which a few large buyers dominate the industry, giving them significant market power over suppliers.
- Asymmetric information: A market in which one party has more information than the other party, which can lead to a power imbalance.
In imperfect markets, prices may not reflect true market value, and there may be barriers to entry for new firms, resulting in reduced competition and potentially harming consumers.
IMPERFECT MARKET. what is an imperfect market? An imperfect market may be termed as a market in which prices of goods and services can easily be influenced by sellers or buyers.
Imperfect markets is also called imperfect competition.
Conditions Necessary for an Imperfect Market
The conditions necessary for imperfect markets are directly opposed to those of a perfect market,
these conditions are:
- The goods are not homogeneous.
- There is no free entry and exit
- There are few buyers and sellers.
- There is preferential treatment
- There is no perfect information
- There is no common price
- Goods are not portable
- Difficulties in the transfer of factors of production.
Types of Imperfect Market
- Monopoly: This is an imperfect market in which there is a single seller of a particular good or service.
- Monopolistic competition: This is a market where there is a large number of producers dealing with different products or services such that no product of one firm is seen as a perfect substitute for that of another.
- Duopoly: This is imperfect markets in which there are only two producers of the same commodity.
- Oligopoly: This is imperfect markets in which there are only a few producers or sellers of the same commodity.
- Monopsony: This is the type of market in which there is only one buyer for a product.
The term \”market\” can refer to several different things, depending on the context in which it is used. Here are a few possible meanings:
- A place where goods or services are bought and sold: This is perhaps the most common meaning of the word \”market.\” In this sense, a market can be a physical location, such as a marketplace or shopping mall, or it can refer to the broader concept of an economy in which buyers and sellers interact to exchange goods and services.
- A group of consumers who share a similar set of needs or preferences: In marketing, a market can refer to a specific group of people who are likely to be interested in a particular product or service. For example, the \”youth market\” might refer to teenagers and young adults who are likely to be interested in products and services that cater to their age group.
- The total volume of goods or services that are bought and sold in a particular economy: This usage of the term \”market\” refers to the overall size and activity of an economy. For example, if the housing market is said to be \”hot,\” that means that there is a lot of activity in buying and selling homes.
- how to establish enterprises
- what is a firm
- price equilibrium
- scale of preference
- concept of economics
- economic tools for nation building
- budgeting
- factors affecting the expansion of industries
- mineral resources and the mining industries
- RINDER PESTS
148. NEWCASTLE DISEASE
149. BACTERIA DISEASES
150. ANTHRAX
151. BRUCELLOSIS
152. TUBERCULOSIS
153. FUNGAL DISEASES
