Question

Imperfect competition and international trade

Answer 1

Answer:

Monopolistic competition in international trade. Monopolistic competition models are used under the rubric of imperfect competition in International Economics. This model is a derivative of the monopolistic competition model that is part of basic economics. Here it is tailored to international trade.

Answer 2

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Imperfect competition exists whenever a market, hypothetical or real, violates the abstract tenets of neoclassical perfect competition. In this environment, companies sell different products and services, set their own individual prices, fight for market share, and are often protected by barriers to entry and exit.