Imperfect competition is an extensive term. It includes the entire areas between perfect competition and pure monopoly. In real life, this is how markets are. It includes states of oligopoly, duopoly and monopolistic competition. Prof. Fairchild has defined it thus – “If the market is not organised properly, if difficulty exists in mutual relations between buyers and sellers, and they are unable to compare their product with products and prices of things bought by other people, then such a state is called the state of imperfect competition.”
