Perfect and Imperfect Market

If the conditions of the pure competition are satisfied along with some other “perfection” such as availability perfects knowledge (i.e., no information cost), perfect mobility of inputs and outputs facilitaiation production for sales, perfect mobility of inputs and outputs facilitation production for sale, perfect divisibility of item traded and satisfied then the market under reference is designated as a “perfect market”. By contrast, if the element of impure competition are enhanced or extended by element of imperfection, then the market under reference is designated as “imperfect market”.

It should be obvious that market may be “impure” without being “perfect”, whereas a market cannot be “prefect” without being “pure”. In the same way, an imperfect market is necessarily a market either with impurity of competition or with some additional imperfections’ or with both.

There are varieties of imperfect market. Monopoly is an extreme variety where one seller rules the market. Duopoly or oligopoly is another variety where to few sellers; either in the isolation, ignoring inter-dependence or in any combination (join hands) may rule the market. Under the monophony, one buyer rulers the market in dictating his terms. Under duopoly or oligopsony, two or few buyers, either in isolation or in combustion dictate the terms of the market. It is possible that it in a market one buyer may confront one seller or vice versa to operator in a tug of warfashon and it is this market which is reference as a case of bilateral monopoly. In a market where seller as a buyer charges different price for the same products or services, we counter the case of discriminating monopoly. It is also possible that a large number of buyer and sellers enjoying freedom of monument starts trading and transacting in a variety of products (i.e., good or service) and as result, their products become differentiated; in such a case we have monopolistic competition; sometimes such a monopolistic competition may be also confined within a small group with or without products differentiation. The point remains, there is a variety of market judged through the element of competition, free and fair competition, restricted or unfair competition, workable competition, atomistic competition, welfare competition or what have you.    

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