In the economic theory, imperfect competition in a market is the competitive situation, where the necessary conditions for perfect competition are not met. It is a market structure that does not meet the conditions of perfect competition.
Forms of imperfect competition are:
There may be imperfect competition due to a delay in the market. An example is the "jobless recovery". After a recession, there are many growth opportunities available, but employers need time to respond, leading to high unemployment. High unemployment reduces wages relatively, making employment hiring more attractive, but it takes time before new jobs are created.
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