Economists use the term imperfect competition to describe
A) all industries that produce standardized products.
B) any industry in which there is no nonprice competition.
C) a pure monopoly only.
D) those markets that are not purely competitive.

Question

Quizplus · Accepted Answer

Imperfect competition refers to markets that are not purely competitive. This can include industries with a few dominant firms (oligopoly), differentiated products (monopolistic competition), or significant barriers to entry (monopoly). Therefore, option D is the best choice.

Economists Use the Term Imperfect Competition to Describe