Meaning of “imperfect market” in the English Dictionary

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"imperfect market" in Business English

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imperfect marketnoun [ C, usually singular ]


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.

(Definition of “imperfect market” from the Cambridge Business English Dictionary © Cambridge University Press)