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The Theory Of The Firm Under Perfect Competition
Question
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When will an increase in demand imply an increase in price but no change in quantity supplied?

Answer

When supply of the product is perfectly inelastic.

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

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. 

Can a seller under monopolistic competition influence the price?

Why under imperfect competition, MR is less than price?