What is imperfect competition in economics?

Where any firm has an advantage, there is imperfect competition. Perfectly competitive firms adjust very rapidly, so no real difference is maintained in terms of operating leverage. Firms that supply the same or similar goods at comparable prices might be considered high-competitive, whereas, in the market for operating systems, Microsoft holds a monopoly, and there is no viable competition.

Commodities sell for established prices, so firms dealing with them might be perfectly competitive in some sense.

In economic imperfect competition is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied. It is a market structure that does not meet the conditions of perfect competition.

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