difference between perfect and imperfect competition

above video is based on the concept of perfect and imperfect competition, it also elaborates the difference between perfect and imperfect competition.
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Difference Between Perfect Competition And Imperfect Competition

(A) Perfect Competition ---

1- In the case of perfect competition there are unlimited no. of firms operating in a market and producing a similar product
2- In case of perfect competition both the buyer and seller should be completely aware of the prevailing market condition.
3- In perfect competition, the firms will not take help of advertisement for popularising their product.
4- In perfect competition, the firms are considered as price acceptors.
5- In perfect competition, the product of different firms are homogeneous in nature.

(B) Imperfect Competition ---

1- In the case of imperfect competition the no. of firms operating in a market are limited.
2- Whereas such type of awareness is not seen in case of imperfect competition.
3- In case of imperfect competition the firms use advertisement for popularising their product.
4- In imperfect competition, the firms are considered as price decider.
5- In perfect competition, the products are differentiate in terms of their packaging, brand, name, shape, size, and color.
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