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The Theory Of The Firm Under Perfect Competition

Question

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How does an increase in the price of a substitute good in consumption affect the equilibriums price?

Solution

Equilibrium price will increase.

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

What do you understand by the term market?

What is meant by market structure?

What is perfect competition?

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.

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