Which of the following best defines imperfect competition?
Select the correct answer below:
a) a market type where firms are price takers with no market power
b) a market type which falls between the extremes of monopoly and perfect competition; firms have more influence over the price they charge than perfectly competitive firms, but not as much as a monopoly would
c) a situation where one market dominates the industry; like a monopoly, no other firm can enter the market because of high barriers to entry
d) a situation where the market crumbles because a technology is no longer being used