Imperfect competition | Wikipedia audio article
Channel: wikipedia tts
Date: 13/01/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Imperfect_competition


00:01:06 See also



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SUMMARY
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In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.Forms of imperfect competition include:

Monopolistic competition: A situation in which many firms with slightly different products compete. Production costs are above what may be achieved by perfectly competitive firms, but society benefits from the product differentiation.
Monopoly: A firm with no competitors in its industry. A monopoly firm produces less output, has higher costs, and sells its output for a higher price than it would if constrained by competition. These negative outcomes usually generate government regulation.
Oligopoly: An industry with only a few firms. If they collude, they form a cartel to reduce output and drive up profits the way a monopoly does.
Duopoly: A special form of Oligopoly, with only two firms in an industry.
Monopsony: A market with a single buyer and many sellers.
Oligopsony: A market with a few buyers and many sellers.