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The Theory Of The Firm Under Perfect Competition
Question
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How does a cost-saving technological progress affect the market price and quantity exchanged?

Answer

 It will cause a fall in market price and a rise in quantity exchanged (sold).

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

Name the market structure in which firm is itself an industry.

 Define the term market as used in economics.

What is meant by monopolistic competition?

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.