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English definition of “imperfect market”

imperfect market

noun [C, usually singular]
 
 
ECONOMICS
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 from the Cambridge Business English Dictionary © Cambridge University Press)
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