What is imperfect competition market? What is the type of Marginal Rev

1.	What is imperfect competition market? What is the type of Marginal Revenue Curve and Average Revenue Curve of firm in this market?
Answer» Imperfect competition is a market frame in which there are many vendors of an item, but the products of such vendors are different from other vendors. Products of different producers are close choices. According to Lim Clong Yah, “Imperfect Competition is a market situation where there are many producers but each offers a slightly differentiated product.” At this stage of the market, the firm’s average and marginal revenue is declining, and thus their curves slope downwards (have a negative slope), but the slopes are lesser (less sleep) than those in a monopolistic market.

What is imperfect competition market? What is the type of Marginal Revenue Curve and Average Revenue Curve of firm in this market?

Answer»

Imperfect competition is a market frame in which there are many vendors of an item, but the products of such vendors are different from other vendors. Products of different producers are close choices.

According to Lim Clong Yah, “Imperfect Competition is a market situation where there are many producers but each offers a slightly differentiated product.”

At this stage of the market, the firm’s average and marginal revenue is declining, and thus their curves slope downwards (have a negative slope), but the slopes are lesser (less sleep) than those in a monopolistic market.

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