Question

What is the definition and charterstic of imperfect market

Answer 1

[AI-generated answer — Bot GPT 3.5]

An imperfect market is a market that does not meet the conditions of perfect competition, meaning there are one or more characteristics that limit the efficiency of the market. Characteristics of an imperfect market include the presence of barriers to entry, information asymmetry, market power held by a few firms, and externalities. In imperfect markets, prices may not accurately reflect the true value of goods and services, leading to inefficiencies and potential market failures. Examples of imperfect markets include monopolies, oligopolies, monopolistic competition, and markets with externalities.