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Perfect Competition may be defined as many small firms manufactures and supplies the same goods (or perfect substitute) to the end-user while Monopolistic Competition is type of market where there are a handful of sellers offer a particular product leading to minimal competition, however, variants and quality of products offered by each seller are slightly different.
A perfect market may be defined as a market where neither the sellers nor buyers can influence the prices of goods and services because they are many in number. It is also called competitive market or perfect competition. In such a market, identical goods are sold by many sellers at a common price.
An imperfect market may be defined as any market structure where either the buyers or the sellers can influence the prices of goods and services because they are few in number. An imperfect market deals in different products.
Monopoly may be defined as a market situation where there is only one producer or supplier of a particular commodity that has no substitute and who has the power to influence the price of the commodity to his own favour. The commodity sold by a monopolist is usually differentiated.
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Economic integration is a condition of international trade in which all trade barriers and restrictions are removed. There is perfect capital mobility, complete freedom of migration, complete freedom of establishment of businesses and unhindered flow of information and technology.