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The Theory Of The Firm Under Perfect Competition
Question
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What is cartel?

Answer

A cartel is a group of firms which jointly sets 'output and price' policy of its product in such a way so as to reap benefits of monopoly.

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

 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? 

What is meant by the term equilibrium?  

What is an equilibrium price? 

What is the condition for determination of equilibrium price?