Imperfect Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly. e Imperfect competition includes industries in which firms have competitors but do not face so much competition that they are rice takersImperfect Competition • Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly. • Imperfect competition includes industries in which firms have competitors but do not face so much competition that they are price takers