imperfect market
noun [C, usually singular] ECONOMICSDefinition
› a market that does not work as it should, for example, because there is only one company selling a product and it can control its price and supply: Even after privatization, wholesale electricity is an imperfect market wide open to manipulation by the large generators. → Compare perfect market
(Definition of imperfect market noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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