An imperfect market is a market structure where individual producers and/or consumers have the power to influence the prices and quantities of goods and services. Unlike in a perfectly competitive market, where no participant can affect the market outcome, imperfect markets are characterized by various market failures such as monopolies, oligopolies, and other forms of market power.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.