Imperfect competition, sometimes referred to confusingly as monopolistic competition, is similar to perfect competition but without the perfect knowledge. Firms are of different sizes and there are some barriers to entry. It is a practical market model with many real-world applications.
As a reminder, here is where it falls on the market spectrum:
Investigate imperfect competition in the transport and logistics market. Use the graph below to explore imperfect competition, critique it, and compare it with the market that CV1Logistics operates within.
Select image to expand.
Key to abbreviations:
AC – Average cost
AR1 – Average revenue
MC – Marginal cost
MR1 – Marginal revenue
Q2 – Quantity
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