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definition: Imperfect Competition: There may not be enough competition to provide an incentive to be efficient and lower prices
Negative Externalities: Costs of production that effect people that have no control over production; they tend to spillover to the consumer Imperfect information: If buyers and sellers don’t have enough information, they may not be making the choice that is best for them.
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▪ when the neighbor has the annoying yappy dog that never stops barking at night ▪ how vague car salesmen often are |