The essential feature that differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm?

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09-08-2022
Business

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The essential feature that differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm?

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-08-20T10:05:28+02:00

The essential feature that differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm faces a downward-sloping demand curve, and a perfectly competitive firm faces a horizontal demand curve.

In the competitive market, where there are a large number of buyers and sellers, and the sellers supply identical products to the buyers it is known as perfect competitive firms.

Whereas, in the imperfect competition there is competition for market share, different products and services, high barriers to entry and exit, and a small number of buyers and sellers.

Hence, both the firms, imperfectly competitive firms and perfectly competitive firms differ from each other.

To learn more about perfectly competitive firms here:

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