Illustrate and explain how the profit maximizing level of output is determined when markets are characterized by imperfect competition. Describe how markets in perfect competition differ from markets that are imperfectly competitive. What role does the firm have in determining market price under each condition?© BrainMass Inc. brainmass.com June 3, 2020, 6:48 pm ad1c9bdddf
Imperfect competition exists when one or more buyers or sellers have a perceptible influence on price. The type of imperfect competition is defined by the number of buyers or sellers with such influence:
3. oligopoly, and
4. monopolistic competition, where there are a ...
Profit maximizing level of output is denoted.