Imperfect+Competition

Imperfect Competition occurs in a market when the requirements for perfect competition are not met. Perfect competition requires many buyers and sellers, identical products, and an easy to enter market. If any of these requrements are not met, the market is considered imperfect competition.

Depending on how many and which requirements are not met, the market could be considered a market of monopolistic competition, and oligopoly, or a monopoly. All of these require smaller amounts of sellers, and can involve advertising as products in imperfect competition can be different from each other to a degree. The cereal market is an example of imperfect competition. http://en.wikipedia.org/wiki/Imperfect_competition http://william-king.www.drexel.edu/top/prin/txt/Imch/Im1.html  http://www.economypedia.com/wiki/index.php?title=Imperfect_competition  media type="youtube" key="JNkchLUURWg" height="344" width="425" Which of the following would not be considered a market of imperfect competition? A. The diamond monopoly. B. Farmers selling cucumbers. C. Cereal manufactures. D. Barber shops.

Answer: B