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Imperfect Market |
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Imperfect market Economic environment in which the costs of labor and other resources used for production encourage firms to use substitute inputs that are less costly. Imperfect Market 1. See: Market inefficiency. 2. A market where costs are too high, encouraging producers either to stop producing or to find ways to lower costs. For example, if labor costs are too high in an imperfect market, producers have an incentive to lower salaries, lay off employees, or cease operations altogether. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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