Questions and Answers
How does imperfect competition impact market inefficiencies?
It causes market inefficiencies, resulting in market failure
What does imperfect competition refer to in economics?
A situation where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market
What type of demand curve does an imperfect market face?
A down-ward sloping demand curve
What does the degree of market power refer to?
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How is market structure determined?
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