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imperfect competition |
Also found in: Wikipedia, Hutchinson | 0.04 sec. |
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imperfect competition n
(Economics) Economics the market situation that exists when one or more of the necessary conditions for perfect competition do not hold Translations imperfect competition n (Econ) → unvollständige Konkurrenz How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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GEM provides for imperfect competition through markups in prices and wages above marginal costs and marginal output; the markups decrease as the substitutability of goods and inputs (that is, competition) increases. A number of market failures spoil the idyllic picture assumed in efficient market: imperfect competition, externalities, and imperfect information (Paul A. Bauer Senior Fellow at the Hoover Institution, is an expert in the economics of taxation, imperfect competition, and mathematical economics. |
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