Perfect competition is a situation in which they are so many persons or companies who offer they products whose products are homogenous, it is market in which there are number of sellers are involved in which they offer their products.
Lets understand this from an example that in a market there is a service which is needed by the customers of soft drinks now here there are almost six to seven different companies in which they do offer their services with different prices the utility of product is same that is satisfy the thrust of the people with soft drinks but their flavor varies according to the different formula.
Perfect competition is found very beneficial for the general public as in the perfect competition there are huge number of suppliers available who provide the complete knowledge and a space for making analysis.
In the situation of monopoly there is a restriction for companies not to offer the product and service except a single company there are barriers in the market for the new comers and there is a very little or no chance for the make comparison as there is no any alternative in a market which has adopted a monopoly trend and people have only to rely on that.
On the other hand in perfect competition the market is open for the new comers which increases the competition in which there are brands in very low quantity.
Perfect Competition of market allows the home industries to show case their product enhance their business in which it is the market who decide for the price not an individual which trend is adopted in the monopoly markets, the margin of profit in perfect market is for long run but very small in ratio.
In the Imperfect market there are not much competitors in the market if the competitors exist in bunch there can be a slide differences in their offering services such as electricity, fuel and so on in which the companies fulfill the need of the electricity so offer the hydro electricity and others solar system, in the fuels some companies offer gas facilitation and some rely on the petrol, diesel and so.
In the imperfect market where there is dominancy of a single company the price of the product is decided by the single man only the company independently makes decision regarding the price.
Imperfect market do not offer complete knowledge of the product , in the imperfect market the role of entrepreneurs is quite significant which is forcefully merged.