Teaching Fellow Interview Questions and Answers

Imperfect competition refers to market structures where firms have some degree of market power and can influence prices.

• Firms in imperfect competition can differentiate their products to some extent.

• There are various types of imperfect competition such as monopolistic competition, oligopoly, and monopoly.

• In imperfect competition, firms may engage in non-price competition such as advertising or product differentiation.

• Prices in imperfectly competitive markets are typically hig...read more