Who Can Explain The Difference Between Pure And Imperfect Competition?

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Imperfect competition is basically a concept of the economics. It refers to a competitive situation in an economy where the conditions required for a perfect competition are not met. There are several forms of imperfect competition such as Monopoly, Oligoply, Monopolistic competition etc. On the other hand Pure competition is an economy that has a large number of independent sellers of products with a free flow of information, and free entry and exit conditions. Each one of the seller is a price taker rather than being a price maker.

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