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The Theory Of The Firm Under Perfect Competition
Question
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 Give meaning of excess demand.

Answer

It refers to a situation where at a given price quantity demanded exceeds quantity supplied.

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Some More Questions From The Theory Of The Firm Under Perfect Competition Chapter

What are selling costs?

Define homogeneous product.

What is meant by differentiated product?

 Define perfect competition.

 Is the seller under perfect competition a price maker or a price taker? 

Define monopoly.  

Define market equilibrium. 

Can a seller under monopolistic competition influence the price?

Why under imperfect competition, MR is less than price?

Why is demand for a good under monopoly less elastic than in monopolistic competition?