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Type of market structure
In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfill all the necessary conditions
Imperfect_competition
The Economics of Imperfect Competition is a 1933 book written by British economist Joan Robinson. The book discusses the views of Alfred Marshall and
The Economics of Imperfect Competition
The_Economics_of_Imperfect_Competition
Market structure in which firms are price takers for a homogeneous product
player in understanding imperfect competition is Joan Robinson, who published her book "The Economics of Imperfect Competition" the same year Chamberlain
Perfect_competition
Economic scenario
system.[citation needed] Imperfectly competitive markets are the realistic markets that exist in the economy. Imperfect competition exist when; buyers might
Competition_(economics)
Type of competitive behavior
between perfect competition and imperfect competition, concluding that no system of resource allocation is more efficient than perfect competition.[citation
Competition
Behavior of individuals and firms
sold. Imperfect competition is a type of market structure that exhibits some, but not all, features of competitive markets. In perfect competition, market
Microeconomics
Model of wage levels
monopoly or in imperfect competition will slope downwards, when plotted against labor usage, at a faster rate than in perfect specific competition. Daniel S
Marginal revenue productivity theory of wages
Marginal_revenue_productivity_theory_of_wages
Market structure with one buyer
economist Joan Robinson in her influential book, The Economics of Imperfect Competition (1933). Robinson credited classics scholar Bertrand Hallward of
Monopsony
Imperfect competition of differentiated products that are not perfect substitutes
Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other but selling products that are
Monopolistic_competition
School of macroeconomics
market failures. In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can
New_Keynesian_economics
Economic model
Chamberlin and Joan Robinson during the 1930s revival of interest in imperfect competition. Cournot presents a mathematical analysis of the equilibrium condition
Cournot_competition
British economist
with mixed reviews by other economists. A comprehensive survey of imperfect competition in the labour market by Manning was published in the Handbook of
Alan_Manning
1942 book by Joan Robinson
markets and over consumption without long term investments (62). Imperfect competition refers to the failure of a market to fulfil the optimal level of
An_Essay_on_Marxian_Economics
Study of government economic and fiscal policy
notably market failures such as, public goods, externalities and Imperfect Competition, and the creation and implementation of government policy. Broad
Public_economics
Differentiation of firms by goods and operations
fulfilled. All other types of competition come under imperfect competition. Monopolistic competition, a type of imperfect competition where there are many sellers
Market_structure
Mutually beneficial collusion among competing corporations
J.; Porter, Robert H. (January 1984). "Noncooperative Collusion under Imperfect Price Information". Econometrica. 52 (1): 87. doi:10.2307/1911462. ISSN 0012-9682
Cartel
Economic repression comprises various actions to restrain certain economical activities or social groups involved in economic activities. It contrasts
Economic_repression
Economic model of monopolistic competition
The Dixit–Stiglitz model is a model of monopolistic competition developed by Avinash Dixit and Joseph Stiglitz (1977). It has been used in many fields
Dixit–Stiglitz_model
2017 film
An Imperfect Murder (also known as The Private Life of a Modern Woman) is a 2017 American drama film written and directed by James Toback. It was screened
An_Imperfect_Murder
Alternative to the economic theory of perfect competition
Effective competition is a concept first proposed by John Maurice Clark, then under the name of workable competition,as a "workable" alternative to the
Effective_competition
Economic system based on private ownership
original on 10 May 2021. Retrieved 13 March 2008. Rea, K.J. "Monopoly, Imperfect Competition, and Oligopoly". Archived from the original on 12 June 2010. Retrieved
Capitalism
System in which parties engage in transactions according to supply and demand
of Imperfect Competition with a comparable theme of distinguishing perfect from imperfect competition. Chamberlin defined monopolistic competition as
Market_(economics)
Social science studying goods and services
price. In the real world, markets often experience imperfect competition. Forms of imperfect competition include monopoly (in which there is only one seller
Economics
Retrieved 2012-08-15. William J. Kolasky (November 14, 2002). "Using Competition Policy to Promote International Competitiveness" (PDF). U.S. Depathement
Price_umbrella
is often compared to Joan Robinson's 1933 book The Economics of Imperfect Competition, where she coined the term "monopsony." Monopsony is used to describe
Chamberlinian monopolistic competition
Chamberlinian_monopolistic_competition
Lost economic efficiency
equilibrium in a competitive market. If market conditions are perfect competition, producers would charge a price of $0.10, and every customer whose marginal
Deadweight_loss
In economics, the economics of location is the study of strategies used by firms and retails in a monopolistically competitive environment in determining
Economics_of_location
Intentionally confusing marketing
Confusopoly (aka Dilbert's confusopoly) is confusing marketing designed to prevent the buyer from making informed decisions. The term was invented by Scott
Confusopoly
Inefficiency from multiple monopolistic firms
markup present within the vertical competition, but it damages the horizontal competition. In the analysis of competition (antitrust) law, the elimination
Double_marginalization
Imperfect competition of differentiated products that are not perfect substitutes
Monopolistic competition models are used under the rubric of imperfect competition in International Economics. This model is a derivative of the monopolistic
Monopolistic competition in international trade
Monopolistic_competition_in_international_trade
The idea of market foreclosure is significant for the economics of competition and antitrust, as it brings up the opportunity of vertical integration
Market_foreclosure
English economist (1903–1983)
of her garden all year round. In 1933, her book The Economics of Imperfect Competition, Robinson coined the term "monopsony", which is used to describe
Joan_Robinson
Economics term
Artificial scarcity Bargaining Bargaining power Dominance (economics) Imperfect competition Inequality of bargaining power Market concentration Monopoly Monopsony
Market_power
School of thought in macroeconomics
school that uses microfoundations, such as price stickiness and imperfect competition, to generate macroeconomic models similar to earlier, Keynesian
New_classical_macroeconomics
Economic Model regarding demand
Imperfect Competition." American Economic Review 27, no. 2. (June 1937): 324-326. Sawyer, Malcolm. "Post-Keynesian and Marxian Notions of Competition:
Kinked_demand
Shipping industry cartel
changes to the European Union exemption of shipping conferences from their competition regulations brought the conference to an end in October 2008. Until the
Far Eastern Freight Conference
Far_Eastern_Freight_Conference
Measure of the economic effect of a tax
perfect competition is very rare. More of the market is said to be imperfect competition such as monopoly, oligopoly or monopolistic competition. Producers
Tax_incidence
Wholesale seafood market in New York City
Fish Market has been of interest to economists as a case study in imperfect competition, despite being a highly centralized market with a large number of
Fulton_Fish_Market
School of economic thought
expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago economists have also left their intellectual
Chicago_school_of_economics
American economist
Monopolistic Competition in 1933, the same year that Joan Robinson published hers on the same topic: The Economics of Imperfect Competition, so these two
Edward_Chamberlin
Market structure with few buyers
there are many buyers but few sellers. An oligopsony is a form of imperfect competition. The terms monopoly (one seller), monopsony (one buyer), and bilateral
Oligopsony
Law in welfare economics centered around prospective gainers helping losers
include: comparisons between the welfare properties of perfect competition and imperfect competition the Pareto principle in social choice theory cost–benefit
Compensation_principle
Process of distinguishing unique products or services
proposed by Edward Chamberlin in his 1933 book, The Theory of Monopolistic Competition. There are three types of product differentiation: Horizontal differentiation:
Product_differentiation
Market dominated by a small number of sellers
under imperfect competition. The fierce price competitiveness, created by a sticky-upward demand curve, causes firms to use non-price competition in order
Oligopoly
Supplier of a commodity with oligopolistic qualities
A swing producer or swing supplier is a supplier or a close oligopolistic group of suppliers of any commodity, controlling its global deposits and possessing
Swing_producer
Additional total revenue generated by increasing product sales by 1 unit
revenue curve differs under perfect competition and imperfect competition (monopoly). Under perfect competition, there are multiple firms present in
Marginal_revenue
History of the development of microeconomics as a study
Theory of Monopolistic Competition (1923) and The Economics of Imperfect Competition (1933), introducing models of imperfect competition. Although the monopoly
History_of_microeconomics
Approach to economics
Economics of Imperfect Competition (1933) and The Theory of Monopolistic Competition (1933), introduced models of imperfect competition. Theories of market
Neoclassical_economics
American economist
work is focused on the economics of the labor market, the role of imperfect competition, institutions, norms, and behavioral factors that affect wage setting
Arindrajit_Dube
American economist
was in economic theory, titled Preferential trade agreements and imperfect competition (1997). Freund held three positions at the World Bank: Senior Economist
Caroline_Freund
Neologism for cooperative competition
concept in which firms or individuals engage in both cooperation and competition simultaneously. It describes situations where competing entities work
Coopetition
Marketing strategy
basis of attributes like design and workmanship". It often occurs in imperfectly competitive markets because it exists between two or more producers that
Non-price_competition
Control of mass media
concentration to limit news diversity and reduce news quality; the CRTC and Competition Bureau's ineffectiveness at stopping media ownership concentration; the
Concentration of media ownership
Concentration_of_media_ownership
Book by Friedrich A. von Hayek
disseminated. Hayek also writes the notion of imperfect competition and how it is often misunderstood. Imperfect competition does not imply a lack of competitive
Individualism and Economic Order
Individualism_and_Economic_Order
Study of an economy as a whole
Keynesian models investigated sources of sticky prices and wages due to imperfect competition, which would not adjust, allowing monetary policy to impact quantities
Macroeconomics
British economist
examine the effect of imperfect competition on the effectiveness of fiscal policy in his paper A simple model of imperfect competition with Walrasian features
Huw_Dixon
French economist (born 1957)
and microeconomic areas, such as the interplay of inflation and imperfect competition, or speculation and manipulation in financial markets. His recent
Roland_Bénabou
French economist (1948–2022)
1986. Macroeconomics and Imperfect Competition. Aldershot: Edward Elgar. 1995. The Macroeconomics of Imperfect Competition and Nonclearing Markets: A
Jean-Pascal_Bénassy
Result used in international trade theory
theorem's validity in more complex models of the economy involving imperfect competition, multinational firms, and foreign ownership of domestic assets.
Lerner_symmetry_theorem
Market structure with a single firm dominating the market
explaining the "perfect competition" model, mainly because this helps to understand departures from it (the so-called "imperfect competition" models). The boundaries
Monopoly
American economist
perfect competition. Much of heterodox economics is in turn based on the theory of imperfect competition, i.e., on departures from perfect competition. But
Anwar_Shaikh_(economist)
British economist (1883–1946)
market failures. In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can
John_Maynard_Keynes
Inefficiently allocated markets
inefficiency due to imperfect competition, which can take many different forms, such as monopolies, monopsonies, or monopolistic competition, if the agent does
Market_failure
Largest and most influential technology companies in the world
antitrust law Barriers to entry Imperfect competition Market concentration (Duopoly/Oligopoly) Market power Monopolistic competition Monopoly (Natural/Coercive)
Big_Tech
Microeconomic pricing strategy to maximise firm profits
Krugman, Paul R.; Maurice Obstfeld (2003). "6: Economies of Scale, Imperfect Competition and International Trade". International Economics – Theory and Policy
Price_discrimination
Polish economist (born 1943)
(born 10 October 1943) is a Polish economist known for his work on imperfect competition and international trade. Kierzkowski was a senior economist at the
Henryk_Kierzkowski
Bilateral trade flow model
to have imperfect competition and segmented markets in homogeneous goods, which leads to intra-industry trade as firms in imperfect competition seek to
Gravity_model_of_trade
Use of land by a tenant in return for a share of the crops produced
(2011). "A theory of sharecropping: the role of price behavior and imperfect competition" (PDF). Journal of Economic Behavior & Organization. 80 (1): 181–199
Sharecropping
American economist (born 1985)
"Pass-through as an economic tool: Principles of incidence under imperfect competition", Journal of Political Economy (2013, with M Fabinger) "A price
Glen_Weyl
Investment behavior
2195-2230. Acharya Viral, Denis Gromb, and Tanju Yorulmazer (2008). "Imperfect Competition in the Inter‐Bank Market for Liquidity." Working Paper, London Business
Flight-to-quality
Ratio between a physical asset's market value and its replacement value
Marris, Robin (1991). Reconstructing Keynesian Economics with Imperfect Competition. Edward Elgar. p. 209. ISBN 1852785411. Kaldor, Nicholas C. (1966)
Tobin's_q
American economist and Nobel Laureate (born 1943)
information economics and the theory of markets with imperfect information and imperfect competition, as well as being a critique of both free market and
Joseph_Stiglitz
Condition in economics and game theory
– such as the cards in poker and bridge – are examples of games with imperfect information. Chess is an example of a game with perfect information, as
Perfect_information
American-German economist (born 1950)
the originators of the macroeconomics of imperfect competition, as he was among the first to provide imperfectly competitive microfoundations for macroeconomic
Dennis_Snower
Cost advantages obtained via scale of operation
market. This stimulated a whole series of studies on the cases of imperfect competition in Cambridge. However, in the succeeding years Sraffa followed a
Economies_of_scale
Cost of changing prices
imperfect competition with price (and wage) setting agents. This started a shift in macroeconomics away from using the model of perfect competition with
Menu_cost
American economist (born 1953)
ISBN 1-56708-023-5 Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Economy (May 1985), with Elhanan Helpman
Paul_Krugman
American economist
Monopoly in Economics and Law, Modern Capital Theory, The Theory of Imperfect Competition, Microeconomics, and The Antitrust Experiment 1890-1990. He also
Donald_Dewey
Benefit derived from consuming a product
principles of supply and demand, and is essential aspects of models of imperfect competition.[citation needed] The "paradox of water and diamonds" is most commonly
Marginal_utility
Exchange across international borders
Economic policy emphasizing exports Monopolistic competition in international trade – Imperfect competition of differentiated products that are not perfect
International_trade
resources – Humanistic economics – Hyperinflation Identity economics – Imperfect competition – Implied in fact contract – Import – Import substitution industrialization
Index_of_economics_articles
Study of the markets for wage labour
rates to attract the profession. Real-world labour markets exhibit imperfect competition, under which the above neoclassical model fails and thus labour
Labour_economics
American economist (born 1958)
Michael Whinston in microeconomic theory that showed that under imperfect competition, entry tends to be excessive in homogeneous-goods industries because
Greg_Mankiw
Avanidhar Subrahmanyam, 1992, Long-Lived Private Information and Imperfect Competition, Journal of Finance 47, 247-270. Holden's book, Excel Modeling in
Craig_W._Holden
Economic phenomenon
marginal product. Exploitation can only occur in imperfect capitalism due to imperfect competition, with the neoclassical notion of productivity wages
Exploitation_of_labour
Belgian economic geographer
Press, 2000. Co-edited with J.-M. Huriot. Microeconomic Theories of Imperfect Competition. Cheltenham, Edward Elgar, Classics in Economics, 1999. Co-edited
Jacques-François_Thisse
German economist
Keynesian paradigm in macroeconomics at the time. The assumption of imperfect competition and its effects on nominal and real distortions in the New Keynesian
Stephanie_Schmitt-Grohe
Book by Joseph Eugene Stiglitz
and serves as a primer on the theory of markets with imperfect information and imperfect competition as well as being a critique of both free market and
Whither_Socialism?
Austrian (later American) political economist (1883–1950)
; Nichol, A.J. (April 1934). "Review of Robinson's Economics of imperfect competition". Journal of Political Economy. 42 (2): 249–259. doi:10.1086/254595
Joseph_Schumpeter
Lowest remuneration which can be paid legally in a state for working
Retrieved 19 June 2026. Manning, Alan (2003). Monopsony in motion: Imperfect Competition in Labor Markets. Princeton, NJ: Princeton University Press.
Minimum_wage
1932, p. 544–554. Jensen 1967, p. 712-722. Robinson, Joan (1932). "Imperfect Competition and Falling Supply Price". The Economic Journal. 42 (168): 544–554
Amoroso–Robinson_relation
that government regulation can improve markets, compensating for imperfect competition, unbalanced market operation, missing markets and undesirable market
Public_interest_theory
Proposal on agricultural import controls
The issue analyzes nonequivalence arising from the existence of imperfect competition in importing countries, price instability in importing and exporting
Tariffication
School of economic thought
is based on a class division between workers and capitalists and imperfect competition. Robinson also led the critique of the use of aggregate production
Post-Keynesian_economics
Schools of economic thought developed at elite colleges in the 1970s United States
Saltwater theories New Keynesian economics Neoclassical synthesis Imperfect competition Market failures Price and wage stickiness Bounded rationality Liquidity
Saltwater and freshwater economics
Saltwater_and_freshwater_economics
P. R., Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Trade, Cambridge, M.A.: MIT Press, 1985.
Home_market_effect
Economic misinformation based on distorted mathematics
of monopolistic competition in his models because in his mind it was too intellectually dangerous. The notion of imperfect competition could give an opening
Mathiness
Type of oligopoly
this model for the first time. As an imperfect competition model, Cournot duopoly (also known as Cournot competition), in which two firms with identical
Duopoly
Economics concept of goods considered interchangeable
substitute goods are therefore in indirect competition with each other. Beverages are a great example of imperfect substitutes. As the price of Coca-Cola
Substitute_good
Study of the development of economic thought
of Monopolistic Competition. The same year British economist Joan Robinson (1903–1983) published The Economics of Imperfect Competition. Together they
History_of_economic_thought
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