Jawaban:

Imperfect Competition Markets and Its Types

Incomplete competition can be described as a situation where there are only a few sellers or even a single seller, but have massive buyers. Imperfect competitive markets usually have a single product or no substitute product.

There are different types of markets within the Imperfect Competition Market structure, described below:

• Monopoly: A single seller dominates the entire market, price decisions are made by one seller, usually only selling one type of product, it is difficult for potential competitors to enter because of legislation. example of a monopolist: the State Electricity Company

• Oligopoly: There are several sellers who generally more than two and less than ten exist and act in collusion or competition. Have the same product standards. Companies can influence each other's prices and can even conduct cartels. Example: Companies in the sugar and salt industry.

• Monopsony: Many sellers and one buyer. in this case the buyer can influence the seller's price. one example of a monopsony market is: A company providing railroad cars.

Oligopsony: Many sellers and some buyers. for example: a car spare part company.

• Monopolistic Competition: Many sellers offer products that are different and have their own characteristics. examples of monopsonic markets: retail companies, packaging product companies