Question: In theory, competition can take many different forms, and the degrees of competition range vastly. Viewed superficially, competition consists of rivalry between the suppliers of

In theory, competition can take many different forms, and the degrees of competition range vastly. Viewed superficially, competition consists of rivalry between the suppliers of goods and services in order to maximise their income or profits and from an economic point of view, it is important to establish in which circumstances competition would lead to the optimal coordination of scarce factors of production. Discuss the structure of competition in the markets for the various modes of transport. Demonstrate your understanding with relevant examples.

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