Imperfectly competitive markets refer to market structures where there are few sellers or buyers, and they have some control over the price of their product. In these markets, firms have a certain level of market power.
Related terms
Monopoly: A monopoly occurs when there is only one seller in the market, giving them complete control over the price.
Oligopoly: An oligopoly is a market structure with a small number of large firms that dominate the industry and can influence prices.
Monopolistic Competition: Monopolistic competition refers to a market structure where many firms sell similar but differentiated products, allowing them some degree of control over pricing.