Concept information
Preferred term
market imperfections theory
Definition
- Market imperfections arise from violating the assumptions of perfect competition as described in neoclassical economics. The neoclassical market model ensures an efficient allocation of all goods and incomes. [Source: Encyclopedia of Business in Today's World; Market Imperfections Theory]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/market_imperfections_theory
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