Suppose two artists are selling paintings for thesame price in adjacent booths at an art fair. By theend of the day, one artist has nearly sold out of herpaintings while the other artist has sold nothing.Which characteristic of competitive markets has notbeen met and best explains this outcome?

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Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.