Imperfect competition means that there is only one or two sellers in the market.

Name: Imperfect competition means that there is only one or two sellers in the market.
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Imperfect competition means that there are more than a few sellers in the market, but they have some degree of market power and can influence the price of the good or service they are selling. Monopoly is an extreme case of imperfect competition where there is only one seller in the market.

Imperfect Competition Means That There Is Only One or Two