What do you understand by imperfect competition market? What are the types of revenue curves in this market? Explain it with the help of a table and diagram.
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Under perfect competition, average revenue curve is a straight horizontal line and is equal to MR. ... In all other markets, AR curve slopes downwards and MR curve lies below it. In oligopoly, however, AR curve cannot be drawn with definiteness but the practice is to draw downward sloping AR and MR curves.
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