The table below shows data for the production of Avocados for an individual firm operating in a monopolistic competition.   Quantity of Avocados Price Total Costs 100 550 48,500 200 500 93,500 300 450 143,500 400 400 198,500 500 350 258,500 600 300 323,500 How much profit do they get at the profit maximizing quantity?

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Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.