Imperfect Competition

Pronunciation: |ɪmˈpɜːrfɪkt| [ˌkɑːmpəˈtɪʃn] Meaning: the situation in which there is little or no competition in a market, for example, because there is only one company selling a product and it can control its price and supply. Example: With such small diversity on the market imperfect competition makes it easy for start-ups to succeed.